Recurrent Energy closes financing for 102MW plant in North Carolina

Share on facebook
Facebook
Share on twitter
Twitter
Share on linkedin
LinkedIn
Share on reddit
Reddit
Share on email
Email
The 102MW project  will be one of the largest operating PV projects in North Carolina. Image: Recurrent Energy

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.

Read Next

July 27, 2021
Canadian Solar has closed a BRL500 million (US$100 million) financing facility to develop a Brazilian solar portfolio claimed to be the country’s largest, while also giving it the option to hold built solar assets for longer.
July 27, 2021
A round-up of the latest news from the US solar market, featuring Vision Solar’s commitment to hire “hundreds” of sales staff as part of a two-state expansion, Recurrent Energy’s sale of two major assets in Texas and news of 8minute Solar Energy strengthening its legal team.
June 30, 2021
Japan’s eighth solar auction, for projects with a generation capacity of more than 250kW, has closed with bidders securing a total of 208MW.
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 25, 2021
Canadian Solar has secured a €50 million (US$59.7 million) bilateral corporate facility with Banco Santander to support its project development efforts in Europe, the Middle East and Africa (EMEA).
May 28, 2021
Solar module manufacturer and developer Canadian Solar has launched a US$150 million fundraise to support its growth strategy and build out a substantial battery energy storage business.

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