MetLife and Fiera Axium Infrastructure to acquire solar projects in Ontario

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Fiera Axium Infrastructure and MetLife announced plans 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.

The eight solar power plants, totaling 86 MWp/62 MWac, 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.

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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.

Recurrent Energy has a total of 20 projects operating or under construction in Ontario; all are expected to be fully operating by early 2014.

Pierre Anctil, CEO of, Fiera Axium Infrastructure, said, “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.

editor@greentechlead.com