Recurrent Energy Receives Largest Solar Power Allocation in Ontario via Feed-in Tariff Program
SAN FRANCISCO—(April 8, 2010)—Recurrent Energy, an independent power producer and a leading developer of solar power projects, announced today that it has been awarded 154.5 MWac (177 MWstc) of distributed solar power projects by the Ontario Power Authority (OPA) under a new Feed-in Tariff program that is part of the landmark Green Energy and Green Economy Act. This establishes Recurrent Energy as the largest distributed solar power project developer in Ontario under the OPA’s Feed-in Tariff Program. This award by the OPA and the Government of Ontario will result in Recurrent Energy and its partners contributing to the creation of over 2,500 jobs in the province including local manufacturing, engineering, construction, electrical, project development and related services.
Recurrent Energy will finance, build, own and operate the photovoltaic (PV) solar power systems, using equipment and services meeting the 60 percent domestic content requirements of the Feed-in Tariff program. The company expects to invest well over US$400 million in solar modules; electrical equipment; steel and metal fabrication; and related services such as installation and project management. The OPA will buy 100 percent 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.
“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,” said Arno Harris, CEO of Recurrent Energy. “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.”
The projects in Ontario will contribute to the development of Ontario’s green energy economy, diversify income for Ontario farmers and businesses, and shift energy generation investments away from coal-fired to renewable energy power plants. More about Recurrent Energy’s activities in Ontario can be found at www.ontariosolarfuture.ca.
“We have been actively developing solar power projects across Ontario for several years and will continue to work with our partners and communities to ensure that the projects bring economic development to the region,” said David Brochu, Vice President of Development for the Eastern Region of North America at Recurrent Energy. “Our distributed-scale projects allow us to deliver a large amount of aggregate solar power with minimal impact on the land, while generating significant economic and environmental benefits for us all.”
About Recurrent Energy
Recurrent Energy is an independent power producer and a leading developer of distributed solar projects for utilities and large energy users. Located in San Francisco, Recurrent Energy is helping to meet rising energy demand by developing a global portfolio of clean power plants located where they are needed most. The company has a pipeline of over 1 GW of distributed-scale solar projects in development across North America and Europe. For more information on Recurrent Energy and distributed solar power, please visit www.recurrentenergy.com.
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Media Contact:
Sean Gibson
Bite Communications for Recurrent Energy
415-365-0395
sean.gibson@bitecommunications.com
