San Francisco, United States [RenewableEnergyWorld.com] Consolidation in the solar industry continued this week as Recurrent Energy announced the purchase of a solar project pipeline of up to 350 megawatts (MW) from UPC Solar. The deal gives Recurrent Energy access to project development opportunities within the continental United States, Hawaii and Canada, including a number of large solar photovoltaic (PV) plants planned throughout the province of Ontario.
This news follows Fotowatio acquiring the solar portfolio of MMA Renewable Ventures and First Solar purchasing the rights to Optisolar’s development pipeline for US $400 million earlier this month.
As part of this agreement, Recurrent Energy will retain UPC Solar’s development team to complete the Canadian solar projects and will develop, own, finance, and operate the solar projects in UPC Solar’s multi-megawatt pipeline, targeting more than 100 MW of operational assets by 2012. The companies did not release the value of the transaction.
“The addition of UPC Solar’s development assets is a strategic move for Recurrent Energy that reflects our financial strength and vision of the opportunity in distributed solar power,” said Arno Harris, president and CEO of Recurrent Energy. “We look forward to working with UPC Solar’s development team to bring these projects to commercial operation and to significantly advance our global clean energy objectives.”
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 the nation’s fourth-largest solar PV project, 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 RenewableEnergyWorld.com reported on earlier this week, which would secure stable and competitive electricity rates for renewable energy providers.