Canadian Solar subsidiary Recurrent Energy has closed financing for the 75MW Astoria 2 solar power project under construction in California.
Recurrent closed a tax equity investment commitment with GE Energy Financial Services and also closed a debt facility for the project.
Santander Bank was the coordinating lead arranger of a five-member bank club including NORD/LB, Rabobank, Key Bank and CIT Bank, which will provide project-level construction debt, a letter of credit facility and a back-leveraged term loan facility, totalling approximately $180m.
Recurrent will be the managing member of the Astoria 2 solar power project and plans to own and operate the facility.
The project is expected to reach commercial operation in the fourth quarter of 2016 and will utilize GE 1500V inverters.
Electricity and associated renewable energy credits generated by the facility will be sold under power purchase agreements.
Canadian Solar chairman and chief executive officer Shawn Qu said: “The Astoria 2 transaction completes the financing of Recurrent Energy’s late-stage portfolio and is our second transaction with GE.
“The support of this bank club and the expansion of our work with GE reflects our ability to consistently deliver high quality solar assets.”
Image: Canadian Solar
