Canadian Solar Inc. says its wholly owned subsidiary, Recurrent Energy, secured financing for the 60 MW Barren Ridge solar power project in Kern County, Calif.
The financing is in the form of a debt facility with a group of banks and a tax equity investment commitment from U.S. Bancorp Community Development Corp. (USBCDC). Recurrent Energy will be the managing member and plans to own and operate the project.
The lender group, led by Rabobank and including Santander Bank, NordLB, Key Bank and CIT, will provide $115 million of construction debt, a tax equity bridge loan and a term loan option for the project. USBCDC, a division of U.S. Bank, will make a tax equity investment in the project under a separate agreement.
The Barren Ridge solar project is currently under construction and is expected to reach commercial operation in the third quarter of 2016. Swinerton Renewable Energy is providing engineering, procurement and construction services.
The electricity and associated renewable energy credits generated by the facility will be sold under a long-term power purchase agreement to the Los Angeles Department of Water and Power.