Recurrent Energy, a subsidiary of Canadian Solar, has obtained project financing of $112m (C$151.34m) from NordLB and Rabobank for the 120MW North Fork solar plant in Oklahoma, US.
NordLB acted as the coordinating lead arranger for the project, and was joint lead arranger along with Rabobank.
The power generated from the solar plant will be bought by the Oklahoma Municipal Power Authority (OMPA) under a 15-year agreement.
OMPA serves 42 municipally owned electric systems in the state.
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This is the first solar energy transaction for the utility. OMPA sources its power from a range of resources including the 151MW Oklahoma Wind farm.
Recurrent Energy CEO Ismael Guerrero stated: “As Recurrent Energy ramps up investment in its diverse project pipeline and increases its project ownership, we are 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.”
OMPA general manager David Osburn stated: “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.”
North Fork Solar is Recurrent Energy’s first project in the state. It will also be its first project to transmit power into the Southwest Power Pool, the bulk electric grid and wholesale power market operator across 15 states in central US.
To be located 100 miles (160.9km) south-west of Oklahoma City in Kiowa County, the solar plant will be situated on 1,200 acres of land.
A total of 250 temporary local jobs and three permanent jobs will be created during the project’s construction.
The solar plant will become operational in June 2024 and generate enough clean energy for 35,000 homes annually.