As part of the deal, the company will acquire equity interest in ten solar projects that are situated near Barrie and London, as well as Ontario, which holds the generation capacity of around108 MWp.
Fiera Axium and Metropolitan Life Insurance will acquire 50% equity interest each, in the eight projects, which will generate around 86 MWp, while Fiera will hold 100% interest in the remaining two projects that can produce 22 MWp.
Recurrent is developing the solar projects, under the Ontario government’s Feed-in-Tariff (FIT) program, while the power produced will be sold to the Ontario Power Authority, as part of its 20-year power purchase agreements.
The projects are expected to generate energy, which will be supplied to about 12,800 homes in Ontario, during the first year of operation.
The projects are currently under construction, which are expected to start commercial operations in the beginning of 2014.
