When I first started out in the solar industry, we talked in kilowatts. Megawatts of solar power felt like a lifetime away, and gigawatts was not even in our vocabulary. Now a decade later: 2.8 GW of utility-scale solar was installed in the US in 2013, bringing the cumulative total of utility scale solar capacity to over 5 GW.
The era of mainstream solar is truly here, and I’m proud to say that Recurrent Energy is contributing in a big way to that progress. In the course of our last fiscal year (which ended March 31), Recurrent Energy brought online 23 solar PV projects totaling more than 300 MW. In total, we have now completed more than half a gigawatt of solar power projects – 505 MW to be exact.
Today we’re announcing the commercial operation of 13 more projects in Ontario, Canada, which have contributed to surpassing our half-gigawatt milestone (read more about the announcements here and here). Altogether, Recurrent Energy has now completed 19 of the 20 projects in the 220 MWp/159 MWac portfolio awarded to us by the Ontario Power Authority.
Our Ontario final project is expected to reach commercial operation later this month, a milestone that would not have been possible without the Province of Ontario’s commitment to solar energy, and years of hard work and collaboration with our financial partners, the Ontario Power Authority, the Ministries of Energy and the Environment, Hydro One Networks, and local communities.
Of our 20 projects in Ontario, 14 were built during winter 2014 – the coldest winter in Southern Ontario in 20 years. Check out this video of our construction team in action!
Completing our Ontario portfolio is the final exclamation mark in a historic year that has been among the most rewarding of my career. In FY 2013, our team raised $1.5 billion in project financing which brought our total to over $4B. We sold projects to world class partners like MetLife, Google and KKR, and completed 23 projects that are delivering clean solar power to top utilities including Southern California Edison (SCE), Pacific Gas & Electric (PG&E), and the Ontario Power Authority (OPA).
Looking ahead, the solar industry is destined for continued growth as the nexis of carbon policy, rising gas and power prices, and declining solar costs transforms global power markets. The foundation built this year has positioned Recurrent Energy to capitalize on the exciting era of mainstream solar we are now entering.