Canadian Solar (NASDAQ: CSIQ) announced Sept. 10 that its wholly owned subsidiary, Recurrent Energy, has closed on a combined construction and term debt facility with a syndicate of six banks for the 200-MW Tranquillity Solar Power Project in California.
The project, developed by Recurrent Energy, is currently under construction. With NORD/LB as the Coordinating Lead Arranger, six banks, including Rabobank, Santander, KeyBanc, CIT, and CIBC, will provide project-level construction debt, LC facilities and a back-leveraged term facility, totaling $337 million.
“At a time when the U.S. utility-scale solar industry is experiencing record growth, top tier financiers find high-quality solar projects to be an attractive asset class,” said Dr. Shawn Qu, Chairman and CEO of Canadian Solar.
“We are delighted to support Recurrent Energy on this important transaction. Tranquillity builds on our commitment to finance renewable projects with strong fundamentals,” said Nicolai Dillow, Head of North American Originations at NORD/LB.
The Tranquillity project, covering an area of 1,900 acres in Fresno County, California, is expected to reach commercial operation in the fourth quarter of 2016.
Recurrent Energy has more than 4 GW of solar projects in development in North America. Founded in 2001 in Canada, Canadian Solar is a leading manufacturer of solar photovoltaic modules and a provider of solar energy solutions. In the past 14 years, Canadian Solar has successfully deployed over 11 GW of premium quality modules in over 70 countries around the world.