Recurrent Energy has closed financing for its 100-MW Astoria solar project in California, including a tax equity investment commitment from General Electric’s (NYSE:GE) financial services arm.
Canadian Solar Inc (NASDAQ:CSIQ), Recurrent Energy’s parent company, announced the news on Thursday, without disclosing the exact commitment from GE Energy Financial Services. The latter has so far pledged over USD 2 billion (EUR 1.87bn) to nearly 2 GW of solar projects globally.
The company’s statement also mentions that Santander Bank NA has arranged some USD 260 million of project-level construction debt from NORD/LB, Rabobank, Key Bank, and CIT Bank.
The Astoria solar power station is currently being built in Kern County and is scheduled for completion in the final quarter of next year. It is part of a larger, two-phase project, the second phase of which is expected to secure financing by the end of 2015. Phase I will have the capacity to power some 33,250 homes.