Canadian Solar taps GE Energy Financial Services for 75MW project financing

Facebook
Twitter
LinkedIn
Reddit
Email
Canadian Solar subsidiary Recurrent Energy has secured a tax equity investment commitment with GE Energy Financial Services for its 75MW Astoria 2 (previously 100MW) solar power project in California that is currently under construction.

Canadian Solar subsidiary Recurrent Energy has secured a tax equity investment commitment with GE Energy Financial Services for its 75MW Astoria 2 (previously 100MW) solar power project in California that is currently under construction.

The PV power plant project will be owned and managed by Recurrent Energy. The finance deal includes project-level construction debt, a letter of credit facility and a back-leveraged term loan facility, totalling approximately US$180 million from a consortium of banks that included Santander Bank, N.A., NORD/LB, Rabobank, Key Bank, and CIT Bank.

This article requires Premium SubscriptionBasic (FREE) Subscription

Try Premium for just $1

  • Full premium access for the first month at only $1
  • Converts to an annual rate after 30 days unless cancelled
  • Cancel anytime during the trial period

Premium Benefits

  • Expert industry analysis and interviews
  • Digital access to PV Tech Power journal
  • Exclusive event discounts

Or get the full Premium subscription right away

Or continue reading this article for free

“The Astoria 2 transaction completes the financing of Recurrent Energy's late-stage portfolio and is our second transaction with GE,” said Shawn Qu, chairman and CEO of Canadian Solar. “The support of this bank club and the expansion of our work with GE reflects our ability to consistently deliver high quality solar assets.”

Canadian Solar also noted that the Astoria 2 project, located in Kern County, was expected to reach commercial operation in the fourth quarter of 2016 and would utilise GE 1500V inverters.

The company previously reported that it had a 1GW 'late-stage' project pipeline in North America, including the Astoria 2 project.

Canadian Solar has a 1GW 'late-stage' project pipeline in North America, including the 100MW Astoria 2 project.

Read Next

September 17, 2025
Chinese module producer DAS Solar is planning a 5GW manufacturing facility focused on producing high-efficiency back contact cells.
Premium
September 17, 2025
PV CellTech: Martin Pochtaruk, CEO of North American solar module manufacturer Heliene, says US producers must learn to survive without tax incentives.
September 16, 2025
IB Solar is investing INR30 billion (US$340 million) in a 4GW TOPCon solar cell and module manufacturing plant in Jewar, Uttar Pradesh.
September 15, 2025
Vikram Solar has secured a contract to supply 200MW of modules to AB Energia, a domestic solar engineering, procurement, and construction (EPC) solutions provider. 
September 11, 2025
The EBRD has launched a new programme to improve access to green financing and support energy investments such as renewable power projects.
September 10, 2025
At RE+ 2025, companies launched AI-driven platforms, terrain-following trackers, low-carbon modules, and advanced energy management solutions for solar and storage.

Subscribe to Newsletter

Upcoming Events

Solar Media Events
September 30, 2025
Seattle, USA
Solar Media Events
October 1, 2025
London, UK
Solar Media Events
October 2, 2025
London,UK
Solar Media Events
October 7, 2025
Manila, Philippines
Solar Media Events
October 7, 2025
San Francisco Bay Area, USA