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Recurrent Energy secures financing for Barren Ridge solar project
By Wendy Van Sickle
Columbus, Ohio, Nov. 3 – Recurrent Energy closed on a debt facility to finance the 60 megawatt Barren Ridge solar power project, which is under construction in California, according to a Tuesday press release.
The lender club of five banks, led by Rabobank, will provide C$115 million of construction debt, a tax equity bridge loan and a term loan option for the solar project, according to the release.
Under a separate agreement, U.S. Bancorp Community Development Corp. will make a tax equity investment in the project.
“Investment in clean energy projects from industry leading investors and financiers such as USBCDC and the lender club demonstrates the success of the solar industry moving into our mainstream energy mix,” Shawn Qu, chairman and chief executive officer of Canadian Solar, said in the release. “Securing financing for the Barren Ridge solar project is an important milestone as we work to bring our pipeline of late stage projects to operation.”
Located in Kern County, the Barren Ridge project is expected to reach commercial operation in the third quarter of 2016.
Construction on the project began this year. Once completed, it is expected to generate enough solar energy to power about 17,000 homes. The electricity and associated renewable energy credits generated by the facility will be sold under a long-term power purchase agreement to Los Angeles Department of Water and Power.
Recurrent Energy is a clean energy company, with utility-scale solar plants that provide competitive clean electricity. It is a subsidiary of Canadian Solar, a solar power company based in Guelph, Ont.
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