Recurrent Energy has closed on a combined construction loan and construction letter of credit facility for the 20MW Gaskell West 1 solar power project in California.
KeyBank N.A. provided both the construction loan and the construction letter of credit facility for the installation, while KeyBanc Capital Markets served as the lead arranger for the deal.
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The Gaskell West 1 project started construction in the fall of 2017 and is expected to reach commercial operation in the spring of 2018. The project will deliver clean solar energy to Southern California Edison under a long-term power purchase agreement.
Dr. Shawn Qu, chairman and chief executive officer of Canadian Solar, said: “As we advance our solar project pipeline across the US., long-standing financial partners like KeyBanc Capital Markets are critical to our continued success.”