Recurrent Energy, a wholly-owned subsidiary of Canadian Solar, a vertically integrated silicon ingot, wafers, and photovoltaic cells and modules manufacturer, has secured $112 million project financing for its 160 MW (120 MWac) North Fork Solar project in Oklahoma City. NordLB acted as Coordinating Lead Arranger and Joint Lead Arranger. Rabobank acted as Joint Lead Arranger. The project is expected to be operational in 2024. Oklahoma Municipal Power Authority will purchase 100% of the energy produced by North Fork Solar under a 15-year agreement.
SunVest Solar, a vertically integrated distributed solar project developer, closed a $60 million construction loan facility to support 50 MW of community solar projects across Illinois, Maine, and Minnesota through the remainder of 2023 and into 2024. All the projects under the facility will be owned and operated by SunVest, bringing its total assets under management to over 125 MW.
United States-based Peregrine Energy Solutions, a clean energy platform with a strategic focus on utility-scale energy storage, has announced a partnership with AB CarVal, a global alternative investment manager, to raise more than $700 million in credit, equity, and debt financing. The funding will be directed toward Peregrine’s substantial pipeline of projects, encompassing over 7 GW of technologies, including standalone battery, solar, and wind systems.
Aspen Power, developer of a distributed generation platform focused on solar and storage assets across the U.S., along with Foss & Company, an investment fund sponsor, announced a $60 million tax equity funding for 27 solar projects across four states totaling 82.8 MW. Of the 27 solar projects, 19 are operational, and the complete portfolio represents 82.8 MW of solar generating capacity.
Germany-based independent power producer Encavis acquired a 12MW/24MWh ready-to-build battery energy storage project in Hettstedt, Germany. The project is based on lithium-ion technology and is scheduled to be connected to the grid in the first half of 2024.
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Read last week’s project finance brief.