Recurrent Energy Wraps Up 220 MW Ontario Solar Portfolio

Posted by SI Staff on July 08, 2014 No Comments
Categories : Projects & Contracts

Recurrent Energy has announced the commercial operation of the 10 MW Sunningdale solar farm. This represents the final project to reach commercial operation in a 20-project portfolio, totaling 220 MW, the company has developed in southern Ontario.

‘The completion of the Sunningdale solar project is the final exclamation mark in a historic year for Recurrent Energy,’ says Arno Harris, CEO of Recurrent Energy. ‘Completing our 220 MW Ontario portfolio represents years of hard work and collaboration with our financial partners and numerous stakeholders in Ontario and local communities.’

In March, Fengate Capital Management Ltd., a Canadian alternative asset management firm, 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,’ comments George Theodoropoulos, a managing director at Fengate. ‘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 its output to the Ontario Power Authority for the next 20 years through feed-in-tariff agreements.

In June 2013, Recurrent Energy announced commercial operation of the first six projects in the company's Ontario portfolio. Completion of 13 additional projects was announced in April 2014. In aggregate, Recurrent Energy says 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, the company adds.

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