Fiera Axium and MetLife acquire 108 MWp solar PV portfolio from Recurrent Energy
- Fiera Axium Infrastructure Canada II LP
Fiera Axium Infrastructure Canada II L.P. announced on Tuesday that they have entered into an agreement together with Metropolitan Life Insurance Company (MetLife) to acquire an equity interest in a portfolio of ground-mounted solar photovoltaic (PV) projects from Recurrent Energy, a leading North American solar project developer.
Fiera Axium Infrastructure Canada II L.P. will acquire a 50% equity interest in eight of the projects (86 MWp), with Metropolitan Life Insurance Company (MetLife) acquiring the remaining 50% equity interest. Fiera Axium Infrastructure Canada II L.P. will acquire a 100% equity interest in the remaining two projects (22 MWp).
The portfolio comprises ten solar projects which are located near Barrie and London, Ontario, that will have aggregate generation capacity of 108 MWp. The solar projects are being developed by Recurrent Energy under the Ontario government's Feed-in-Tariff (FIT) program, and will sell power to the Ontario Power Authority pursuant to 20-year Power Purchase Agreements. During their first year of operation, the projects are collectively expected to generate enough energy to power more than 12,800 homes in Ontario.
The acquisition will be completed upon the projects achieving their respective commercial operation dates.
All ten projects are currently under construction and are targeting commercial operation by early 2014. Construction of the projects will be partially financed through an institutional senior debt facility underwritten by Sun Life Assurance Company of Canada and National Bank Financial.
On 10 July 2013, Fiera Axium Infrastructure Canada II L.P. announced that it has completed the acquisition of a 100% equity interest in four solar photovoltaic (PV) projects from Ontario Solar PV Fields.