Solar PV Project ( Solar Thermal Magazine )-SAN FRANCISCO and TORONTO – (July 8, 2014) – Recurrent Energy, a leading North American solar project developer, today announced the commercial operation of the 10 megawatt (MWp)/7 MWac Sunningdale solar project. This is the final project to reach commercial operation in the 20 project portfolio, totaling 220 MWp, developed by Recurrent Energy in Southern Ontario.
Completing our 220 megawatt Ontario portfolio represents years of hard work and collaboration with our financial partners and numerous stakeholders in Ontario and local communities.
In March 2014, Fengate Capital Management Ltd. (“Fengate Capital”), one of Canada’s leading alternative asset management firms, announced the financial close of an investment in the Sunningdale project. The acquisition was completed following commercial operation of the project.
“We are delighted to see the Sunningdale project come online,” said George Theodoropoulos, Managing Director, Infrastructure of Fengate Capital.
Solar facilities like Sunningdale offer attractive long-term returns to our clients and help our country meet its energy needs sustainably.
The Sunningdale project, located near the city of London in the Municipality of Thames Centre, will provide clean solar-generated electricity to the Ontario Power Authority (OPA) for the next 20 years through feed-in-tariff agreements. The project is expected to generate 12,213 MWh of clean solar power in the first year of operation, enough to support the annual needs of 1,200 Ontario homes.
In June 2013, Recurrent Energy announced commercial operation of the first six projects in the company’s Ontario portfolio. Completionof 13 additional projects was announced in April 2014. In aggregate, the portfolio has created more than 2,700 jobs. The 20 projects generate enough clean solar energy to power roughly 26,500 average Ontario homes a year.
About Recurrent Energy
Recurrent Energy is redefining what it means to be a mainstream clean energy company, with a fleet of utility-scale solar plants that provide competitive clean electricity. The company has more than 2 GW of solar projects in development in North America.