SAN FRANCISCO & NEW YORK--(BUSINESS WIRE)--Fiera Axium Infrastructure and MetLife, Inc. today announced their joint investment 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.
“We are continually seeking out opportunities that align with our strategy of investing in long-term projects that generate attractive returns,” said Jeetu Balchandani, director for MetLife Investments. "We are particularly pleased when we find a project like this one that supports our strong commitment to sustainable ventures.”
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.
“Fiera Axium and MetLife’s investment in solar-generated energy continues our track record of developing projects that appeal to the world’s most experienced energy investors,” said Arno Harris, chief executive officer of Recurrent Energy. “With 20 solar photovoltaic programs under construction in the region, Recurrent Energy is proud to help the Province of Ontario realize its commitment to a clean energy future.”
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.
“We are delighted to add this renewable energy investment to our portfolio and be part of this very important project in Ontario,” said Pierre Anctil, CEO of, Fiera Axium Infrastructure Inc. “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.
About Recurrent Energy
Recurrent Energy is redefining what it means to be a mainstream clean energy company, with a fleet of utility-scale solar plants that provide competitive clean electricity. The company has more than 2 GW of solar projects in development in North America. Additional details are available at: www.recurrentenergy.com
About MetLife, Inc.
MetLife, Inc. is a leading global provider of insurance, annuities and employee benefit programs, serving 90 million customers. Through its subsidiaries and affiliates, MetLife holds leading market positions in the United States, Japan, Latin America, Asia, Europe and the Middle East. For more information, visit www.metlife.com.
About Fiera Axium Infrastructure Inc.
Fiera Axium Infrastructure Inc. is an independent portfolio management firm dedicated to generating, long-term investment returns through investing in core infrastructure assets. Fiera Axium manages two dedicated infrastructure funds having in excess of $800 million in assets under management. The firm combines the capabilities of a group of specialists with decades of combined experience acquiring, developing, financing, operating and managing infrastructure assets, with the fund management expertise of one of Canada’s leading independent fund managers in Fiera Capital Corporation (TSX: FSZ). Fiera Axium Infrastructure is jointly controlled by Fiera Capital and Axium Infrastructure Management.