Recurrent Energy, a wholly owned subsidiary of Canadian Solar Inc., has closed on a tax equity investment commitment with GE Energy Financial Services for the 75 MW AC Astoria 2 solar power project, currently under construction in Kern County, Calif.
Recurrent Energy will manage the project and plans to both own and operate the facility. Santander Bank was the coordinating lead arranger of a five-member bank group, including NORD/LB, Rabobank, Key Bank and CIT Bank, that will provide project-level construction debt, a letter of credit facility and a back-leveraged term loan facility, totaling approximately $180 million.
The Astoria 2 project follows GE Energy Financial Services' investment in the Astoria project, which closed financing in November 2015. The two projects are located adjacent to one another.
The Astoria 2 project, which will utilize GE 1500V inverters, is expected to reach commercial operation in the fourth quarter. Upon completion, the project is expected to generate enough clean energy to power approximately 25,000 California homes. The electricity and associated renewable energy credits generated will be sold under power purchase agreements.
