Financing has been secured for the 60 MWac Barren Ridge solar power project, which will ultimately be owned and operated by Canadian Solar Inc. subsidiary, Recurrent Energy.
US$115 million will come from the lender club, led by Rabobank and including Santander Bank, NordLB, Key Bank, and CIT, in the form of construction debt, a tax equity bridge loan, and a term loan option. USBCDC, a division of U.S. Bank, will make a tax equity investment in the project, under a separate agreement. The amount was not disclosed.
Construction is already underway on the solar PV project in Californias Kern County; it is scheduled to be operational by the third quarter of next year. Swinerton Renewable Energy is providing EPC services and a PPA has been signed with the Los Angeles Department of Water and Power.
"Securing financing for the Barren Ridge solar project is an important milestone as we work to bring our pipeline of late stage projects to operation," commented Canadian Solar chairman and CEO, Shawn Qu.
"We are pleased to support Canadian Solar and Recurrent Energy by financing the construction of the Barren Ridge project, which will provide competitively priced renewable energy to California," added Thomas Emmons, head of project finance at Rabobank in New York.