Recurrent Energy has closed an US$18 million long-term debt financing for the 5MW solar power system at San Francisco’s Sunset Reservoir. Prudential Capital Group provided the 24-year term debt financing for the power system, which is expected to be at full operation this fall. At its completion, the Sunset Reservoir installation will be the largest municipal solar power system in the U.S.
“As the Sunset Reservoir solar power project nears completion, this financing from Prudential Capital Group marks another major milestone for Recurrent Energy,” said Arno Harris, CEO of Recurrent Energy. “We have more than 330 megawatts of distributed-scale projects in our contracted portfolio across North America and Europe and financing from Prudential, a leader in the energy project finance market, further demonstrates our ability to raise capital and construct our pipeline.”
The contract is aimed to supply renewable energy for San Francisco’s public sectors such as public schools, the international airport and the San Francisco General Hospital. Over 24,000 panels will be installed for the solar system.