Recurrent Energy has secured $18m in long-term debt financing for its 5MW solar power system at the Sunset Reservoir in San Francisco, US, from Prudential Capital Group.
The 24-year contract will provide financing for the system, which will be one of the largest municipal solar power systems in the US and will more than triple San Francisco’s total municipal solar energy output.
The Sunset Reservoir system is fitted with 24,000 solar panels.
Recurrent Energy will supply power from the project to the San Francisco Public Utilities Commission (SFPUC) under a 25-year contract.
The solar power system will become fully operational by early autumn 2010.