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Recurrent Energy Closes $103 Million Tax Credit Transfer Agreement with Bank of America for North Fork Solar Project
The 160 MW North Fork Solar Project is now in operation, supplying power to the Oklahoma Municipal Power Authority GUELPH, ON, June 27, 2024 /PRNewswire/ --
About this update from Canadian Solar Inc.
[{"type":"text","content":"The 160 MW North Fork Solar Project is now in operation, supplying power to the Oklahoma Municipal Power Authority\nGUELPH, ON, June 27, 2024 /PRNewswire/ -- Recurrent Energy, a subsidiary of Canadian Solar Inc. (\"Canadian Solar\") (NASDAQ: CSIQ) and a global developer, owner, and operator of solar and energy storage assets, announced today that it has signed a $103 million tax credit facilitation agreement with Bank of America for its North Fork Solar Project (\"North Folk Solar\"). The 160 MW solar project, located southwest of Oklahoma City, is now operational.\n\nTo celebrate the commencement of operations, Recurrent Energy and Oklahoma Municipal Power Authority (\"OMPA\"), hosted a ribbon-cutting ceremony on June 26, 2024. OMPA, which serves 42 municipally-owned electric systems in Oklahoma, will purchase 100% of the energy produced by North Fork Solar under a 15-year agreement. Recurrent Energy will continue to own and operate the project long-term.\nThis tax equity agreement marks Recurrent Energy's first production tax credit (PTC) transaction and first tax credit transfer transaction. By transferring tax credits to Bank of America, Recurrent Energy can access funding more quickly and efficiently.\nAt its peak, North Folk Solar employed approximately 500 construction workers. Blattner provided engineering, procurement, and construction services, enlisting several local companies as subcontractors. \nDuring its operation, North Fork Solar will contribute about $26 million to community services. Throughout project's development and construction, Recurrent Energy supported local initiatives, including the Snyder 4-H and FFA, Snyder Prom, and Cyclone Educational Foundation. \nRecurrent Energy began developing North Fork Solar in 2018. NordLB and Rabobank provided project financing for North Fork Solar. CRC-IB and Latham & Watkins advised Recurrent Energy on the tax credit transfer transaction.\nDavid Osburn, OMPA General Manager, commented, \"OMPA is excited to add the first large-scale solar project to our resource mix. This addition will further diversify our energy sources and provide our member cities with more energy options to offer their customers. We look forward to maintaining a long-term relationship with Recurrent Energy.\"\nKaren Fang, Global Head of Sustainable Finance at Bank of America, remarked, \"This trans...