In a statement released last week, Recurrent Energy said that while it will retain a minority stake in the projects, Mitsubishi and Osaka Gas are expected to be equal investors. The deal, said the company, represents the first sale from its 200 MW project portfolio with the Ontario Power Authority (OPA). The purchase price was not disclosed.
Recurrent Energy added that the entire 200 MW project pipeline has secured 20 year power purchase agreements with the OPA. Construction on it got underway this spring. Meanwhile, the 100 MW project portfolio, to be acquired by Mitsubishi and Osaka Gas, is scheduled to be online in 2013.
"Mitsubishi Corporation is aiming to expand our power generation capacity from the current operational level of approximately 3.7 GW to 6 GW, with 1 GW from renewable energy and 5 GW from thermal power by 2015," commented Masao Ikeya, general manager of New Energy & Power Generation Division, Mitsubishi Corporation.