The Borealis portfolio comprises 10 solar PV projects located near the Barrie and London regions in Ontario, Canada. The 10 projects, which have an aggregate generation capacity of 108 MWp/78 MWac, all reached commercial operation between late 2013 and early 2014.
In October 2013, Fiera Axium Infrastructure and MetLife announced a joint investment to acquire eight of the projects (86 MWp/62 MWac) at commercial operation of each project. Fiera Axium acquired the remaining two projects totaling 22 MWp/16 MWac. The solar projects were developed and constructed by Recurrent Energy under the Ontario government’s Feed-in-Tariff (FIT) program, and will sell power to the Ontario Power Authority through 20-year Power Purchase Agreements.
Benefits
The Borealis portfolio generates enough energy to power more than 13,300 homes in Ontario a year. Development and operation of the 10 projects also created more than 1,600 jobs across multiple sectors, including local manufacturing, engineering, construction, and related services. In total, Ontario residents accounted for 98 percent of all construction hours worked across the portfolio. In addition, local businesses played an important role in the development of the projects; the Midhurst 2 solar project, for example, created a subcontracting opportunity for a construction business owned by the project’s landowner.
Including these ten projects, Recurrent Energy has developed and constructed a total of 20 solar power plants across southern Ontario. The first projects in this 220 MWp/159 MWac portfolio began to come online in early 2013, with the final project reaching commercial operation in mid 2014. Recurrent Energy’s 20 projects are helping Ontario meet its ambitious goal to double the amount of energy generated from renewable sources by 2015. Across the 20 projects, more than 2,700 jobs were created, contributing to the Province’s goal of creating 50,000 jobs in the green energy industry. In addition, roughly 60 percent of the materials for the projects were made or sourced in Ontario, providing an important boost to the local economy. The 20 projects generate enough clean solar energy to power roughly 26,500 average Ontario homes a year.
