Southern Power, subsidiary of Southern Company, is set to acquire an around 51% stake in the 200 MW solar PV project, which is currently under construction. Canadian Solar, meanwhile, will retain its 49% stake.
The latter has already financed the project via a construction and bank-leveraged loan facility from a syndicate of six banks. The financial details were not disclosed.
The Tranquillity solar project, scheduled to reach commercial operation in Q4 2016, is located in Fresno County. Signal Energy Constructors are undertaking EPC services, while the generated energy will be sold to Southern California Edison under a 15 year PPA.
In official documents submitted to Fresno County by RE Tranquillity LLC, a subsidiary of Recurrent Energy, in 2013, the project could be expanded to 400 MW under a second, 200 MW phase. Mention of this was not made, however, in todays news.
Overall, Recurrent Energy, which was acquired by Canadian Solar at the end of this March, has a North American solar PV project pipeline totaling 3.3. GWac. In addition to the Tranquillity project, it has another two solar projects under construction in California the 127 MW Astoria Portfolio and the 100 MW Mustang plant.