Solar Power Developer Closes on Project Financing

 Solar Power Developer Closes on Project Financing

Canadian Solar Inc. (NASDAQ: CSIQ) said its subsidiary, Recurrent Energy, closed on financing for a 60-MW solar power project under construction in California.
Recurrent closed $115 million of construction debt, a tax equity bridge loan and a term loan option for the project with a club of banks led by Rabobank and a tax equity investment commitment with U.S. Bancorp Community Development Corp. (USBCDC) for the Barren Ridge solar power project.
The Barren Ridge project is expected to reach commercial operation in third quarter 2016. Construction started earlier in 2015 with Swinerton Renewable Energy serving as the engineering, procurement and construction services provider. The electricity and associated renewable energy credits will be sold under a long-term power purchase agreement to Los Angeles Department of Water and Power.

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...