MetLife, Fiera Axium buy 62 MW of Ontario solar projects
Oct 8, 2013 - US life insurer MetLife Inc (NYSE:MET) and Fiera Axium Infrastructure Inc said Tuesday they have agreed to acquire, upon completion, 62 MW of solar parks in Canada’s Ontario province from developer Recurrent Energy.
Financial details were not disclosed.
The eight solar parks, whose direct current (DC) capacity stands at 86 MWp, are to be completed early next year. They are estimated to generate enough power for over 10,250 households in Ontario under 20-year feed-in tariff (FiT) power purchase agreements with the Ontario Power Authority (OPA).
The 62-MW buy is to wrap up once the project come fully on stream and subject to certain customary closing conditions. The buyers noted that the eight projects will be financed under an institutional construction and term debt line agreed with Sun Life Assurance Co of Canada and National Bank Financial.
Currently, US-based Recurrent Energy is working on 20 projects in Ontario, all of which are to come on stream at the beginning of 2014.