Recurrent Energy To Sell Majority Stake In Half Of Its Ontario Solar Portfolio
With 200 megawatts (MW) of solar energy in their Ontario portfolio, San Francisco’s recurrent energy plans on selling controlling interest of half of its Canadian projects to Mitisubishi Corporation and Osaka Gas.
The sale won’t be completed until the solar plants are operational which is expected to be in 2013. All of the projects have a 20-year power purchase agreement with the Ontario Power Authority.
While exact terms of the deal were not announced, Mitsubishi and Osaka Gas will be equal investors in the deal while Recurrent Energy will retain a minority stake.
A subsidiary of Sharp Corporation, it will be interesting to see if Recurrent Energy decides to develop more solar plants in the incentive-laden Ontario energy market, continue to pursue mid-size opportunities in the United States, or seek out other markets that offer rich enticements for solar development. While their boilerplate states they seek to develop solar power where it is needed most, you can be assured that they will develop plants where it is most profitable.