UPDATE - Recurrent bags USD 337m in funds for Tranquillity solar
Solar PV plant. Featured Image: Gilles Paire/Shutterstock.com
Canadian Solar Inc (NASDAQ:CSIQ) said today its unit Recurrent Energy has secured both construction and term debt financing totalling USD 337 million (EUR 301.2m) for the 200-MW Tranquillity solar project in California.
The announcement was made a bit over a week after the companies unveiled that Southern Power, which is owned by Southern Co (NYSE:SO), had agreed to buy a 51% stake in the project.
Recurrent Energy has closed on the combined construction and term debt facility with a syndicate of six banks, including Rabobank, Santander, KeyBanc, CIT and CIBC. NORD/LB served as the coordinating lead arranger.
The company is building the solar park on 1,900 acres of land in Fresno County. The construction process, managed by Signal Energy Constructors, was initiated in July and is expected to be completed in the final quarter of next year.
Earlier this week, Recurrent Energy also announced it had obtained financing for another solar project in California, namely the 100-MW Mustang solar park.