Recurrent Energy, a wholly-owned subsidiary of Canadian Solar, has closed on debt financing and tax equity investment commitment for a 102MW PV project, located in Cabarrus County, North Carolina.
Prudential Capital Group will provide a US$106.7 million debt facility for the project, which includes a tax equity bridge loan, term loan and revolving loan to the project.
US Bancorp Community Development Corporation will make a tax equity investment in the project as part of a separate agreement.
Dr. Shawn Qu, chairman and chief executive officer of Canadian Solar, said: “Prudential Capital Group and USBCDC are widely regarded as leading investors in the energy space, and we are pleased to partner again with them to continue growing our project portfolio in the United States.”
The North Carolina project, which is under construction and is expected to reach commercial operation by the third quarter of 2018, will be one of the largest operating PV projects in North Carolina.
The installation has a power purchase agreement for 10 years starting in 2018 with Duke Energy Carolinas. Once operating, the installation will meet the energy needs of approximately 12,000 homes.