Recurrent Energy announced July 8 the commercial operation of the 10-MWp/7 MW (ac) Sunningdale solar project in Canada.
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., 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 electricity to the Ontario Power Authority for the next 20 years through feed-in-tariff agreements. The project is expected to generate 12,213 MWh in the first year of operation.
In June 2013, Recurrent Energy announced commercial operation of the first six projects in the Ontario portfolio. Completion of 13 additional projects was announced in April 2014.
Recurrent Energy said it 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.
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 $1.7bn in assets under management with expertise in infrastructure, commercial real estate and seniors housing.