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


Making DDoS Mitigation Part of Your Incident Response Plan: Critical Steps and Best Practices

Like a new virulent strain of flu, the impact of a distributed denial of service (DDoS) attack is...

The Multi-Tax Challenge of Managing Excise Tax and Sales Tax

To be able to accurately calculate multiple tax types, companies must be prepared to continually ...

Operational Analytics in the Power Industry

Cloud computing, smart grids, and other technologies are changing transmission and distribution. ...

Maximizing Operational Excellence

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

Latest Energy Jobs

View more Job Listings >>

Archived Articles

PennEnergy Articles
2008 | 2009 | 2010 | 2011 | 2012 | 2013

OGJ Articles
2011 | 2012 | 2013

OGFJ Articles
2011 | 2012 | 2013

Power Engineering Articles
2011 | 2012 | 2013

Power Engineering Intl Articles
2011 | 2012 | 2013

Utility Products Articles
2011 | 2012 | 2013

HydroWorld Articles
2011 | 2012 | 2013

COSPP Articles
2011 | 2012 | 2013

ELP Articles
2011 | 2012 | 2013