Recurrent Energy secures $480 million for California solar project

By Lisa Kerner

Charlotte, N.C., Dec. 18 – Recurrent Energy closed on a combined $480 million construction and term debt facility with a syndicate of five banks for the 200 MW AC Garland solar power project currently under construction in California.

The funding includes project-level construction debt, letter-of-credit facilities and a back-leveraged term facility, according to a news release.

NORD/LB is the coordinating lead arranger of the syndicate, which includes CIT, KeyBanc, Rabobank and Santander.

The electricity and associated renewable energy credits generated by the project will be sold to Southern California Edison under long-term power purchase agreements. Commercial operations are expected to begin in the fourth quarter of 2016.

Recurrent Energy is a clean energy company with utility-scale solar plants. It is a subsidiary of Canadian Solar Inc., a solar power company based in Guelph, Ont.

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