Oct. 8, 2013 - Fiera Axium Infrastructure and MetLife, Inc. today announced their joint investment to acquire eight Recurrent Energy solar power projects in Ontario, Canada. The solar power plants will provide more than 10,250 homes in Ontario with clean, solar-generated electricity.
"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 86MWp/62MWac, are currently under construction and expected to be completed by early 2014. Once operational, the solar power projects will provide clean solar-generated 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, chief executive officer 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 power projects are fully operational and satisfaction of other customary conditions.
"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 Inc. "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 Company of Canada and National Bank Financial to finance the solar projects.