Recurrent Energy, an independent power producer and a developer of solar power projects, has signed a joint development agreement with BlueWatt, a French solar power systems developer.
The companies will provide large building owners in France with options to lease out and utilize their unused rooftops as sites for solar power systems. Under the terms of the agreement, BlueWatt will seek to develop and co-invest in rooftop based solar power projects with major real estate firms in France. Recurrent Energy will finance, own and operate the solar power systems once appropriate contracts are in place.
The renewable electricity generated by the distributed power plants will be fed back into the local utility grid. Recurrent Energy will be paid a feed-in tariff in accordance with French regulations. Recurrent Energy and BlueWatt are committed to working together on the first 50 MW of joint projects secured.
SOURCE: Recurrent Energy