Recurrent Energy will sell approximately 100MW of its 200MW Canadian portfolio to the Mitsubishi Corporation and Osaka Gas, the company has announced. The projects, located in Ontario, will be made available to the Ontario Power Authority and the acquisition is supposed to go through as soon as the projects are completed and commence commercial production. Mitsubishi and Osaka Gas will be equal investors, while Recurrent Energy will remain a minor stakeholder.
“Mitsubishi Corporation is aiming to expand our power generation capacity from the current operational level of approximately 3.7GW to 6GW, with 1GW from renewable energy and 5GW from thermal power by 2015. We have more than 20 years of IPP business overseas and we believe this project to be very attractive, with reliable partners, Recurrent Energy and Osaka Gas," Masao Ikeya, general manager of new energy and power generation division of the Mitsubishi Corporation commented.