Once operational in early 2014, the plants will provide its output to the Ontario Power Authority (OPA) for the next 20 years through feed-in-tariff agreements.
The acquisition is likely to close in early 2014 should the projects become fully operational and other customary conditions are met.
Sun Life Assurance Company of Canada and National Bank Financial have arranged an institutional construction and term debt facility to finance the projects, which will generate enough clean energy to power more than 10,250 homes in Ontario.
Recurrent Energy CEO Arno Harris said that the latest investment resembles its record of developing projects that appeal various investors across the world.
"With 20 solar photovoltaic programs under construction in the region, Recurrent Energy is proud to help the Province of Ontario realize its commitment to a clean energy future," added Harris.
