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April
20, 2010
San
Francisco, CA, USA: Recurrent Energy and BlueWatt to Co-operate
in France
Recurrent
Energy, an independent power producer and developer of solar power
projects, today announced a joint development agreement with BlueWatt,
a French solar power systems developer, to finance, build, and
operate solar photovoltaic power plants on rooftops of industrial,
commercial and logistics buildings across France.
Combining
Recurrent Energy’s global experience in the financing and engineering
of distributed PV power plants, which includes projects such as
4.8 MW in Barcelona and Madrid, 50 MW in Southern California,
and 177 MW in Ontario, with BlueWatt’s local expertise in managing
large infrastructure projects in France, will provide large building
owners in France with options to lease out and utilize their unused
rooftops as sites for solar power systems.
“This
joint development agreement allows both Recurrent Energy and BlueWatt
to bring many rooftop distributed-scale solar power opportunities
to France,” said Karl Knight, Managing Director of International
Development at Recurrent Energy. “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.”
Under
the terms of the agreement, BlueWatt shall seek to develop and
co-invest in rooftop based solar power projects with major real
estate firms in France. Recurrent Energy will finance, own and
operate the solar power systems once appropriate contracts are
in place. The renewable electricity generated by the distributed
power plants will be fed back into the local utility grid, for
which Recurrent Energy will be paid a feed-in tariff in accordance
with French regulation.
Recurrent
Energy and BlueWatt are committed to working together on the first
50 MW of joint projects secured.
“The
Recurrent Energy team’s experience in rooftop distributed-scale
solar power projects strongly complements our local expertise
in managing large infrastructure projects,” said Laurent Samama,
President, BlueWatt. “Our joint development agreement will allow
for new and existing projects in our pipeline to come online faster.”
Further details about: Recurrent
Energy and BlueWatt
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