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Recurrent Energy Closes $112 Million in Project Financing, Announces Oklahoma Municipal Power Authority as Customer for 160 MW Oklahoma Solar Project
GUELPH, ON, Aug. 31, 2023 /PRNewswire/ -- Canadian Solar Inc. (the "Company", or "Canadian Solar") (NASDAQ: CSIQ) announced today that Recurrent Energy, its
About this update from Canadian Solar Inc.
[{"type":"text","content":"GUELPH, ON, Aug. 31, 2023 /PRNewswire/ -- Canadian Solar Inc. (the \"Company\", or \"Canadian Solar\") (NASDAQ: CSIQ) announced today that Recurrent Energy, its wholly-owned subsidiary for global project development and power services, secured $112 million in project financing for its 160 MW (120 MWac) North Fork Solar project, located 100 miles southwest of Oklahoma City. NordLB acted as Coordinating Lead Arranger and Joint Lead Arranger. Rabobank acted as Joint Lead Arranger. The project is expected to be operational in 2024.\nOklahoma Municipal Power Authority (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. OMPA's power purchase agreement with Recurrent Energy marks the municipal utility's first solar energy transaction. OMPA's power supply comes from a variety of resources, including 151 MW of Oklahoma wind.\n\"OMPA is extremely excited to add North Fork Solar to our portfolio of energy resources. This will continue to diversify our energy mix and increase the amount of non-carbon resources for the benefit of our member cities,\" stated David Osburn, OMPA General Manager.\nNorth Fork Solar represents Recurrent Energy's first project in Oklahoma and first project in the Southwest Power Pool (SPP), the bulk electric grid and wholesale power market operator across 15 states in the central U.S. Solar energy currently makes up less than 1 percent of the energy resource mix in SPP.\n\"We are pleased to support Recurrent Energy on another project financing as Coordinating Lead Arranger. Our team values the long-standing relationship with the Recurrent Energy team as we collectively continue to adapt and innovate around an evolving market. North Fork Solar takes no exception and further diversifies our portfolio within the SPP market. We look forward to continuing our long-standing partnership with Recurrent Energy especially as they execute on their ambitious energy transition pipeline,\" said Sondra Martinez, Managing Director, Nord/LB.\nRecurrent Energy selected Blattner Energy as the engineering, procurement and construction partner for North Fork Solar. Once operational, the project will produce enough electricity to power 35,000 homes.\nRecurrent Energy began development of North Fork Solar in 2018. Once constructio...