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.

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