According to a company announcement, the projects are expected to be operational by mid-2010 with help from a feed-in tariff from the Spanish government.
"This is the first of many more to come for Recurrent Energy in Europe as well as an industry first that points the way towards the future of solar power," said CEO Arno Harris, going on to note that Recurrent has 500 megawatts of distributed solar projects across North America and elsewhere in Europe.
Under the deal, Recurrent will finance, own and operate solar power systems on eight distribution centers in Madrid and Barcelona that are owned by another company, ProLogis. The generated power will be fed directly into local electrical grids.
Under distributed solar energy setups, a large amount of electricity can be generated by arranging photovoltaic panels on area rooftops, telephone poles and other such things, as opposed to building a single industrial sized facility.
