Recurrent Energy secures debt financing for 200 MW solar power project

Solar power project elp 2

Canadian Solar unit Recurrent Energy closed on a combined construction and term debt facility, with a syndicate of six banks, for the 200 MW Tranquillity Solar Power Project in California. The project, developed by Recurrent Energy, is currently under construction.

With NORD/LB as the coordinating lead arranger, six banks, including Rabobank, Santander, KeyBanc, CIT and CIBC, will provide project-level construction debt, LC facilities and a back-leveraged term facility, totaling $337 million.

"At a time when the U.S. utility-scale solar industry is experiencing record growth, top tier financiers find high-quality solar projects to be an attractive asset class," said Shawn Qu, chairman and CEO of Canadian Solar. "We are proud to partner with this leading group of lenders on the Tranquillity project which underscores our broader team's ability to consistently deliver bankable solar projects."

The Tranquillity project, covering an area of 1,900 acres in Fresno County, is expected to reach commercial operation in the fourth quarter of 2016. The project is expected to generate enough clean solar energy to power about 55,000 homes.

Did You Like this Article? Get All the Energy Industry News Delivered to Your Inbox

Subscribe to an email newsletter today at no cost and receive the latest news and information.

 Subscribe Now

Whitepapers

The Time is Right for Optimum Reliability: Capital-Intensive Industries and Asset Performance Management

Imagine a plant that is no longer at risk of a random shutdown. Imagine not worrying about losing...

Going Digital: The New Normal in Oil & Gas

In this whitepaper you will learn how Keystone Engineering, ONGC, and Saipem are using software t...

Maximizing Operational Excellence

In a recent survey conducted by PennEnergy Research, 70% of surveyed energy industry professional...

Leveraging the Power of Information in the Energy Industry

Information Governance is about more than compliance. It’s about using your information to drive ...

Latest PennEnergy Jobs

PennEnergy Oil & Gas Jobs