UPDATE 1-Recurrent Energy secures deal with Ontario utility
* Company says to build 165 MW of solar projects
* To sell power to utility Ontario Power Authority
LOS ANGELES, April 8 (Reuters) - Solar power company Recurrent Energy said on Thursday it has been awarded 165 megawatts of distributed solar power projects by the Ontario Power Authority in Ontario, Canada.
This is the latest in a string of deals made for small-scale power by utilities in North America, many of which are working to meet mandates that require they get a percentage of their power from alternative sources like solar and wind.
Recurrent Energy will finance, build, own and operate the photovoltaic power systems that turn sunlight into electricity and are set to be completed in 2011 and 2012.
The Ontario utility is expected to buy 100 percent of the power generated by the project, on which Recurrent Energy said it plans to spend well over $400 million.
"Ontario's renewable energy policy leadership, including the goal of eliminating coal-fired power generation by 2014, makes the province an attractive area for renewable energy economic development and investment, which we are excited to be a big part of," said Recurrent Energy CEO Arno Harris.
Ontario launched North America's most comprehensive and generous set of feed-in tariffs in October, which guarantee fixed, above-market prices for 20 years to sellers of electricity produced from the sun, wind, water and biomass.
Privately held Recurrent Energy, which is backed by Hudson Clean Energy Partners, focuses on small-scale projects of up to 20 MW. It has a pipeline of more than 1 gigawatt of projects planned in the United States, Canada and Europe.
(Reporting by Dana Ford; Editing by Phil Berlowitz)
- Tweet this
- Share this
- Digg this
- Qatar will not host 2022 World Cup, says FIFA's Zwanziger
- Tesco cuts profit outlook again and suspends staff after accounting error |
- Echoes of Law in 1974 as City's Lampard shuns celebration
- Siemens splurges $7.6 billion on Dresser-Rand in U.S. shale market bet |
- Alibaba issues additional shares to raise IPO total to $25 billion - report