SAN FRANCISCO and TORONTO, July 8, 2014 /PRNewswire/ -- Recurrent Energy, a leading North American solar project developer, today announced the commercial operation of the 10 megawatt (MWp)/7 MWac Sunningdale solar project. This is the final project to reach commercial operation in the 20 project portfolio, totaling 220 MWp, developed by Recurrent Energy in Southern Ontario.
"The completion of the Sunningdale solar project is the final exclamation mark in a historic year for Recurrent Energy," said Arno Harris, CEO of Recurrent Energy. "Completing our 220 megawatt Ontario portfolio represents years of hard work and collaboration with our financial partners and numerous stakeholders in Ontario and local communities."
In March 2014, Fengate Capital Management Ltd. ("Fengate Capital"), one of Canada's leading alternative asset management firms, announced the financial close of an investment in the Sunningdale project. The acquisition was completed following commercial operation of the project.
"We are delighted to see the Sunningdale project come online," said George Theodoropoulos, Managing Director, Infrastructure of Fengate Capital. "Solar facilities like Sunningdale offer attractive long-term returns to our clients and help our country meet its energy needs sustainably."
The Sunningdale project, located near the city of London in the Municipality of Thames Centre, will provide clean solar-generated electricity to the Ontario Power Authority (OPA) for the next 20 years through feed-in-tariff agreements. The project is expected to generate 12,213 MWh of clean solar power in the first year of operation, enough to support the annual needs of 1,200 Ontario homes.
In June 2013, Recurrent Energy announced commercial operation of the first six projects in the company's Ontario portfolio. Completion of 13 additional projects was announced in April 2014. In aggregate, the portfolio has created more than 2,700 jobs. The 20 projects generate enough clean solar energy to power roughly 26,500 average Ontario homes a year.
About Recurrent Energy
Recurrent Energy is redefining what it means to be a mainstream clean energy company, with a fleet of utility-scale solar plants that provide competitive clean electricity. The company has more than 2 GW of solar projects in development in North America. Additional details are available at: www.recurrentenergy.com
About Fengate Capital Management Ltd.
Fengate Capital is an asset management firm in the alternatives sector specializing in the management of customized infrastructure and real estate investment funds for institutional clients. The firm has approximately $1.7 billion in assets under management with expertise in infrastructure, commercial real estate and seniors housing. With significant experience in public-private partnerships, independent power projects and real estate developments, Fengate Capital targets high quality investments across North America and select international markets. Since 2007, Fengate Capital has been recognized as one of "Canada's Best Managed Companies."
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SOURCE Recurrent Energy