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

Share on facebook
Facebook
Share on twitter
Twitter
Share on linkedin
LinkedIn
Share on reddit
Reddit
Share on email
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.

“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

July 22, 2021
US Senate majority leader Chuck Schumer has failed in a bid to fast-track the US’ US$1.2 trillion infrastructure investment bill through the Senate. But there remains hope that further progress could be made as early as next Monday, when some Republican senators believe the bill will be fit to proceed.
PV Tech Premium
July 7, 2021
Floating solar may be more commonly associated with Asia’s solar market, however the asset class is proving itself to be of significant potential throughout Europe, as evidenced by projects in the Netherlands, Germany and the UK. Exclusive to PV Tech Premium subscribers, we brought together industry stakeholders to discuss the size of the FPV opportunity.
June 29, 2021
Solar Module Super League (SMSL) members JinkoSolar and Canadian Solar have both submitted applications to the Shanghai Stock Exchange, progressing their respective initial public offering (IPO) plans.
June 23, 2021
Polysilicon manufacturer Daqo New Energy is set to proceed with its initial public offering after completing its registration with the China Securities Regulatory Commission (CSRC).
June 21, 2021
‘Solar Module Super League’ (SMSL) members JinkoSolar and JA Solar are to invest in polysilicon provider Xinte Energy’s 100,000 ton facility in Inner Mongolia, receiving priority access to the polysilicon produced as a result.
June 21, 2021
Retail giant IKEA and the Rockefeller Foundation have today announced the creation of a US$1 billion initiative to catalyse investments in distributed renewable energy (DRE).

Subscribe to Newsletter

Upcoming Events

Upcoming Webinars
August 19, 2021
At 9am (PT) | 6pm (CEST)
Solar Media Events
August 25, 2021
Solar Media Events
October 6, 2021
Solar Media Events
October 19, 2021
BRISTOL, UK