Recurrent Energy gets $180 million debt facility for Astoria 2 project

By Lisa Kerner

Charlotte, N.C., Jan. 5 – Recurrent Energy closed a $180 million debt facility with a bank club led by Santander Bank, NA and including NORD/LB, Rabobank, Key Bank and CIT Bank.

The facility will provide project-level construction debt, a letter-of-credit facility and a back-leveraged term loan facility, according to a news release.

The company also closed on a tax equity investment commitment with General Electric unit GE Energy Financial Services.

The financing will be used for the 75 megawatt Astoria 2 solar power project currently under construction in California.

“The Astoria 2 transaction completes the financing of Recurrent Energy’s late-stage portfolio and is our second transaction with GE," Canadian Solar chairman and chief executive officer Shawn Qu said in the news release.

The Astoria 2 solar power project is expected to reach commercial operation in the fourth quarter of 2016. It is adjacent to the Astoria solar project, which closed financing in November.

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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