Canadian Solar Closes on Solar Power Plant Financing

Canadian Solar closes on solar power plant financing

Canadian Solar Inc. (Nasdaq: CSIQ) said its subsidiary, Recurrent Energy, finalized financing for a 100-MW solar power project in California.
Recurrent Energy closed on a debt facility with Santander Bank N.A. and a tax equity investment commitment with U.S. Bancorp Community Development Corp. (USBCDC) for the Mustang solar power project. Santander Bank will provide $165 million in construction lending, a tax equity bridge loan and a term loan option. USBCDC is making a separate tax equity investment in the project.
The project covers approximately 1,000 acres and is expected to reach commercial operation in fourth quarter 2016. The project started construction in summer 2015 with Blattner Energy who is the engineering, procurement and construction services.

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