Canadian Solar secures GE deal

Canadian Solar subsidiary Recurrent Energy has closed on a tax equity investment commitment with GE Energy Financial Services for the 100MW Astoria solar power project.

Recurrent Energy also closed a debt facility for the Astoria project, currently under construction in California.

Recurrent will be the managing member of the Astoria solar power project and plans to own and operate the facility.

The project is located in Kern County and is expected to reach commercial operation in the fourth quarter of 2016 and will utilize 46 GE 1500V inverters.

The electricity and associated renewable energy credits (RECs) generated by the facility will be sold under power purchase agreements.

The project is half of a two project portfolio, with the Astoria 2 solar project expected to close financing before the end of the year.

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, totaling approximately $260m.

Canadian Solar chairman and chief executive officer Shawn Qu: “GE is a widely respected renewable energy investor and we are proud to begin this partnership for the Astoria project.

“It is also a privilege to continue our work with this group of lenders as our team continues a long history of successful solar development in Southern California.”