Recurrent Energy and BlueWatt announced that they have entered into a joint development to finance, build and operate PV power plants on industrial, commercial and logistic building rooftops across France. BlueWatt will develop and coinvest in rooftop solar projects with real estate firms in the country, while Recurrent will finance, own and operate the PV systems for the first 50MW of joint projects.
Karl Knight, managing director of international development at Recurrent, stated, “This joint development agreement allows both Recurrent Energy and BlueWatt to bring many rooftop distributed-scale solar power opportunities to France. We are committed to assisting the growth of the French solar market and playing a role in that market that allows us to work with a select group of high quality early stage developers in order to bring their pipelines to maturity.”
Recurrent Energy has financed and engineered PV power plants in Barcelona and Madrid of 4.8MW, Southern California of 50MW, and in Ontario of 177MW. The two companies look to give large building owners in France the opportunity to lease and utilize their unused rooftops for PV systems. The electricity produced by the rooftop PV systems will be fed back into the local utility grid. In return, Recurrent will be paid a feed-in tariff under French regulations.