Recurrent Energy Closes Financing For 100 MW Astoria Solar Power Project


Recurrent Energy has closed on a tax equity investment commitment with GE Energy Financial Services for the 100 MW Astoria solar power project, currently under construction in Kern County, Calif. The Canadian Solar subsidiary has also closed a debt facility for the project.

Recurrent Energy will be the managing member of the Astoria solar power project and plans to own and operate the facility. Santander Bank NA was the coordinating lead arranger of a five-bank club that will provide project-level construction debt, a letter of credit facility and a back-leveraged term loan facility totaling approximately $260 million. The other members are NORD/LB, Rabobank, Key Bank and CIT Bank.

The Astoria solar project is expected to reach commercial operation in the fourth quarter of 2016 and will use 46 GE 1,500 V inverters. The electricity and associated renewable energy credits generated by the facility will be sold under power purchase agreements.

The Astoria project is half of a two-project portfolio. The Astoria 2 solar project is expected to close financing before the end of the year.

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