According to Recurrent Energy, it will finance, build, own and operate the photovoltaic (PV) solar power systems, using equipment and services meeting the 60% domestic content requirements of the Feed-in Tariff program.
The company expects to invest approximately $400m in solar modules, electrical equipment, steel and metal fabrication, and related services such as installation and project management. The OPA will buy 100% of the power and renewable energy credits (RECs) from Recurrent Energy’s solar projects located in the counties of Simcoe, Lanark, Middlesex, Oxford, and the united counties of Leeds and Grenville. The projects are expected to be completed in 2011 and early 2012.
Arno Harris, CEO of Recurrent Energy, said: “As a global company with strong financial backing and over 1,000MW of distributed-scale projects in development, we offer economies of scale and expertise that are attractive to our utility customers.
“Ontario’s renewable energy policy leadership, including the goal of eliminating coal-fired power generation by 2014, makes the province an attractive area for renewable energy economic development and investment, which we are excited to be a big part of.”
