Recurrent Energy offloads 250 MW of solar projects in Texas

US renewables developer Recurrent Energy LLC has finalised the sale of a 328-MWp/250-MW bundle of two solar projects in Texas, due to be commissioned by September.

The transaction concerns the Maplewood 1 and Maplewood 2 schemes, Recurrent Energy’s parent Canadian Solar Inc (NASDAQ:CSIQ) said on Wednesday without providing financial details. The buyer is an unnamed “leading US annuity and life insurance company.”

The 222-MW Maplewood 1 and 28-MW Maplewood 2 parks are currently being built in Pecos County, in the Permian Basin of West Texas, and are scheduled to become operational before the end of the third quarter. To be equipped with bifacial modules made by Canadian Solar, the plants’ combined output is expected to help offset 518,000 tonnes of carbon dioxide (CO2) emissions annually.

Through a 15-year power purchase agreement (PPA), Maplewood 1 will sell its power to a unit of Belgian brewer Anheuser-Busch InBev (EBR:ABI), or AB InBev, covering 50% of the electricity consumption of its US operations. At the same time, Maplewood 2 will deliver electricity to Dallas-based oil and gas pipeline company Energy Transfer Partners under a 15-year contract.

The construction of the two projects is backed by USD 282 million (EUR 239m) in debt financing, which Recurrent Energy obtained from a group of lenders last summer.

(USD 1.0 = EUR 0.847)

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