Fiera Axium acquires solar portfolio

The Canadian infrastructure fund manager is buying 10 solar PV projects in its home market.

Fiera Axium Infrastructure has purchased an interest in 10 ground-mounted solar photovoltaic (PV) projects in Ontario with a combined generation capacity of 108 megawatts peak (MWp).

Fiera Axium partnered with Metropolitan Life Insurance Company (MetLife) to buy eight of the projects, with its Fiera Axium Infrastructure Canada II fund and MetLife to split ownership in each PV acquisition 50-50. 

In addition, the Fiera Axium fund will acquire 100 percent of two more PV assets. Fiera Axium did not disclose the cost of the projects, bought in bulk from developer Recurrent Energy.

Fiera Axium will take full possession of the portfolio in early 2014 after New Jersey-headquartered Recurrent Energy has made the assets commercially operational. The PV projects are expected to power more than 12,800 homes in the Ontario province.

Fiera Axium Infrastructure Canada II, combined with Fiera Axium Infrastructure US, are feeder funds for the Fiera Axium Infrastructure North America fund. Fiera Axium Infrastructure is jointly controlled by Fiera Capital and Axium Infrastructure Management.

In July, Fiera Axium Infrastructure Canada II gained a 42MW solar PV portfolio in a deal with Ontario Solar PV Fields.