Recurrent Energy’s CEO Arno Harris said, "Our partnership with Mitsubishi Corporation and Osaka Gas shows just how far solar has come – it’s both an attractive investment and an important part of our energy mix in North America."
Mitsubishi and Osaka will be equal partners in the purchase while Recurrent will continue to hold a minor stake.
The 100MW portfolio picked up by the Japanese firms is expected to generate 110,000,000 kWh power in its first year of operation.
According to Mitsubishi general manager and of New Energy & Power Generation Division Masao Ikeya the company is aiming to expand its power generation capacity from the current operational level of approximately 3.7 GW to 6 GW by the year 2015.
"1GW of this will be generated from renewable resources the rest being thermal,"said Ikeya.
This sale is Recurrent’s first from its 200MW portfolio of projects with Ontario Power Authority, who is committed to a 20-year power purchase agreement for each of the projects in that portfolio.
Constructions on the projects started in 2012 and all are expected to be operational by 2013.
The acquisition will be closed post starting of commercial operations from the facilities.
