Recurrent Energy gets $106.7 million debt facility for solar project

By Sarah Lizee

Olympia, Wash., May 15 – Recurrent Energy closed on a $106.7 million debt facility provided by Prudential Capital Group, according to a press release.

The facility includes a tax equity bridge loan, term loan and revolving loan.

U.S. Bancorp Community Development Corp. will make a tax equity investment in the project under a separate agreement.

The financing will be used for the 74.8 MWac/102 MWp NC 102 solar photovoltaic project located in Cabarrus County, N.C.

The NC 102 project is under construction and is expected to reach commercial operation in the third quarter of 2018. The project has a power purchase agreement for 10 years starting in 2018 with Duke Energy Carolinas.

Once operating, the project will generate enough clean solar power to meet the energy needs of about 12,000 homes, the company said.

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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