Recurrent Energy, a subsidiary of Canadian Solar Inc., has signed a $103 million tax credit facilitation agreement with Bank of America for its North Fork Solar Project – a 160 MW development located southwest of Oklahoma City.
Oklahoma 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.
Recurrent Energy will continue to own and operate the project long-term.
This tax equity agreement marks Recurrent Energy’s first production tax credit (PTC) transaction and first tax credit transfer transaction.
At its peak, North Folk Solar employed approximately 500 construction workers. Blattner provided engineering, procurement, and construction services, enlisting several local companies as subcontractors.
Recurrent Energy began developing North Fork Solar in 2018. NordLB and Rabobank provided project financing. CRC-IB and Latham & Watkins advised Recurrent Energy on the tax credit transfer transaction.
