Recurrent Energy, a distributed power company and a leading provider of solar energy, today announced the purchase of a solar project pipeline of up to 350 megawatts (MW) from UPC Solar, a Chicago-based renewable energy development company.
Financial terms of the deal were not disclosed.
The transaction provides Recurrent Energy with direct access to project opportunities in development across the continental United States, Hawaii, and Canada, including a number of large solar photovoltaic (PV) plants planned throughout the province of Ontario.
As part of the agreement, Recurrent Energy will retain UPC Solar’s development team to complete the Canadian solar projects.
Recurrent Energy said it will develop, own, finance, and operate the solar
projects in UPC Solar’s multi-megawatt pipeline, targeting over 100 MW
of operational assets by 2012.
The company’s expansion plans are focused on smaller utility-scale power assets ranging from 2-20 MW each, according to a press release.
UPC Solar is among several renewable energy companies founded by Brian Caffyn under the UPC Energy Group, which has over 750 MW of operational renewable energy assets and over 3,000 MW in development worldwide. UPC Solar currently owns and operates projects for the San Diego Unified School District and the Coca Cola Bottling Company. The company also manages the U.S. Army’s largest solar installation in Fort Carson, Colorado, as well as a 3 MW plant in Bucks County, Pennsylvania.
Recurrent Energy’s pipeline acquisition follows a recently proposed series of renewable energy measures from Canada’s Ontario Power Authority. Among the measures in the Green Energy Act, 2009 is a solar feed-in tariff that would secure stable and competitive electricity rates for renewable energy providers.
Recurrent Energy sells clean electricity to commercial, government, and utility customers at competitive rates via Power Purchase Agreements or Feed-in Tariffs. Notable projects include a 5 megawatt planned installation with The City and County of San Francisco, which will be the largest municipal solar installation in the United States upon completion.
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