Recurrent Energy, a distributed power company and provider of solar energy, has purchased the solar project pipeline of up to 350 MW from UPC Solar, a Chicago-based renewable energy development company.
The transaction provides Recurrent Energy with direct access to project opportunities in development across the continental U.S., Hawaii and Canada, including a number of large solar photovoltaic plants planned throughout the province of Ontario. As part of the agreement, Recurrent Energy will retain UPC Solar's development team to complete the Canadian solar projects.
According to Recurrent Energy, this expansion across North America positions the company as one of the most promising distributed solar power providers and represents a significant milestone in the company's focus on smaller utility-scale power assets ranging from 2 MW to 20 MW each. Recurrent Energy will develop, own, finance and operate the solar projects in UPC Solar's multi-megawatt pipeline, targeting over 100 MW of operational assets by 2012.
SOURCE: Recurrent Energy