to-the-point: Recurrent Energy bags financing for 20 MW of California PV

Solar array in California. Author: U.S. Army Corps of Engineers. License: Creative Commons, Attribution 2.0 Generic.

Recurrent Energy, a wholly-owned unit of Canadian Solar Inc (NASDAQ:CSIQ), has reached a financing deal for the 20-MWac/28-MWp Gaskell West 1 solar project in California.

The company has secured a construction loan and construction letter of credit facility from KeyBank NA, Recurrent Energy said on Wednesday, without disclosing the exact size of the financing. The deal was arranged by KeyBanc Capital Markets Inc.

Recurrent Energy initiated construction work on the Gaskell West 1 project this autumn and expects to have the solar power station up and running in the spring of 2018. The facility will be selling its output under a long-term off-take deal with Southern California Edison.

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