Mitsubishi, Osaka Gas to acquire 100MW solar projects from Recurrent Energy

Mitsubishi Corp. and Osaka Gas have announced their intent to acquire solar projects from Recurrent Energy generating a cumulative power of 100MW in Ontario, Canada.

The solar projects to be acquired are expected to produce over 110 million kilo watt hours of clean energy during the first year of operation, which will be sufficient to power about 10,000 households in the region.

Recurrent Energy CEO Arno Harris said the company has worked diligently to develop utility solar projects that appeal to the world’s most experienced energy investors.

"Our partnership with Mitsubishi Corporation and Osaka Gas shows just how far solar has come ? it’s both an attractive investment and an important part of our energy mix in North America," Harris added.

Mitsubishi Corp. New Energy & Power Generation division general manager Masao Ikeya said, "We have more than 20 years of IPP business overseas and we believe this project to be very attractive, with reliable partners, Recurrent Energy and Osaka Gas."

Osaka Gas Energy Resources and International Business Development department senior general manager said, "We recognize Recurrent Energy as a credible, industry leader in developing utility solar projects and are pleased to join as an investor in this portfolio."

The acquisition is the first sale of Recurrent Energy’s portfolio projects of 200MW and the companies will acquire the projects once they are commercially operational in 2013.

The Ontario Power Authority (OPA) has signed a 20-year power purchase agreement for the electricity generated from each of the projects in the portfolio.

The initial stages of project construction for the overall 200MW portfolio of OPA projects has commenced in the second quarter of 2012.

Mitsubishi Corporation and Osaka Gas will invest equally in the purchase and Recurrent Energy will retain a minority stake.