The transaction provides Recurrent Energy with direct access to solar project opportunities in development across the continental USA, Hawaii, and Canada, including a number of large solar photovoltaic (PV) plants planned throughout the province of Ontario, Canada.
As part of the agreement, Recurrent Energy will retain UPC Solar’s development team to complete the Canadian solar projects.
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.
Recurrent Energy’s pipeline acquisition follows a recently proposed series of renewable energy measures from Canada’s Ontario Power Authority. Among the measures in the Green Energy Act, 2009 is a solar feed-in-tariff (FiT) that would secure stable and competitive electricity rates for renewable energy providers. When implemented, the tariffs could represent the first North American equivalent to policies that are driving substantial solar power development in Germany and Spain.