Fiera Axium Infrastructure and MetLife Inc. have agreed to jointly acquire eight Recurrent Energy solar power projects in Ontario with a total capacity of 86 MW. The plants are currently under construction and are expected to be operational in early 2014. The plants will supply electricity under 20-year feed-in tariff agreements with the Ontario Power Authority.Â
In a separate deal, Fiera Axium says it will acquire a 100% equity interest in two additional photovoltaic plants from Recurrent Energy with a total capacity of 22 MW.
‘We are continually seeking out opportunities that align with our strategy of investing in long-term projects that generate attractive returns,’ says Jeetu Balchandani, director for MetLife Investments. ‘We are particularly pleased when we find a project like this one that supports our strong commitment to sustainable ventures.’
All 10 acquisitions are expected to close in early 2014, once the solar power projects are fully operational other customary conditions are satisfied. An institutional construction and term debt facility was arranged by Sun Life Assurance Co. of Canada and National Bank Financial.