Fiera Axium Infrastructure and MetLife announced Oct. 8 their joint investment to acquire eight Recurrent Energy solar power projects in Ontario, Canada.
“We are continually seeking out opportunities that align with our strategy of investing in long-term projects that generate attractive returns,” said Jeetu Balchandani, director for MetLife Investments. “We are particularly pleased when we find a project like this one that supports our strong commitment to sustainable ventures.”
The eight solar power plants, totaling 86 MWp/62 MWac, are under construction and expected to be completed by early 2014. Once operational, the projects will provide electricity to the Ontario Power Authority (OPA) for the next 20 years through feed-in-tariff agreements.
“Fiera Axium and MetLife’s investment in solar-generated energy continues our track record of developing projects that appeal to the world’s most experienced energy investors,” said Arno Harris, CEO of Recurrent Energy. “With 20 solar photovoltaic programs under construction in the region, Recurrent Energy is proud to help the Province of Ontario realize its commitment to a clean energy future.”
The acquisition by Fiera Axium and MetLife is targeted to close in early 2014 once the solar projects are fully operational and satisfaction of other customary conditions. Recurrent Energy has a total of 20 projects operating or under construction in Ontario and all of them are expected to be fully operating by early 2014.
“We are delighted to add this renewable energy investment to our portfolio and be part of this very important project in Ontario,” said Pierre Anctil, CEO of Fiera Axium Infrastructure. “This portfolio of clean solar power plants aligns perfectly with our investment mandate, and we look forward to continued work with Recurrent Energy to ensure the success of these projects.”
An institutional construction and term debt facility was arranged by Sun Life Assurance Co. of Canada and National Bank Financial to finance the solar projects.
MetLife is a leading global provider of insurance, annuities and employee benefit programs, serving 90 million customers.
Fiera Axium Infrastructure is an independent portfolio management firm dedicated to generating, long-term investment returns through investing in core infrastructure assets.