New Projects, Renewables, Solar

Solar power projects in Canada to be sold to Mitsubishi, Osaka Gas

Recurrent Energy on June 15 said it intends to sell a portfolio of Ontario, Canada solar photovoltaic (PV) projects to Mitsubishi Corp. and Osaka Gas. The transaction will represent approximately 100 MW of solar power that will be made available to the Ontario Power Authority (OPA).

The acquisition is scheduled to occur once the facilities achieve commercial operation. Mitsubishi Corp. and Osaka Gas intend to be equal investors in the purchase, while Recurrent Energy will retain a minority stake.

The OPA has locked in 20-year power purchase agreements for each of the projects in the portfolio. All of the acquired projects are expected to be online in 2013.

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