Recurrent Energy, a wholly-owned subsidiary of Canadian Solar, a vertically integrated silicon ingot, wafers, and PV cells and modules manufacturer, 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 (OMPA) will purchase 100% of the energy produced by North Fork Solar under a 15-year agreement. North Fork solar project represents Recurrent Energy’s first project in Oklahoma and its first project in the Southwest Power Pool.
Ismael Guerrero, CEO of Recurrent Energy, commented, “As Recurrent Energy ramps up investment in its diverse project pipeline and increases its project ownership, we’re delighted today to announce the close of project financing for North Fork Solar in Oklahoma with our trusted partners – NordLB and Rabobank. Oklahoma has long been known for its rich wind resource, and now OMPA’s customers will benefit from low-cost solar energy to complement the wind energy in their portfolio.”
Recurrent Energy selected Blattner Energy as the engineering, procurement, and construction partner for North Fork Solar. Once operational, the project will produce enough electricity to power 35,000 homes.
OMPA’s power purchase agreement with Recurrent Energy is the municipal utility’s first solar energy transaction.
“OMPA is extremely excited to add North Fork Solar to our portfolio of energy resources. This will continue to diversify our energy mix and increase the amount of non-carbon resources for the benefit of our member cities,” stated David Osburn, OMPA General Manager.
According to Mercom’s 1H and Q2 2023 Solar Funding and M&A Report, the announced large-scale project funding in Q2 2023 reached $9.5 billion in 51 deals, a 79% increase QoQ compared to $5.3 billion raised in 62 deals in Q1 2023.
SunVest Solar, a vertically integrated distributed solar project developer, recently 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.