Recurrent Energy has sold a controlling interest in the 212 MW Roserock solar project in West Texas to Southern Power.
Under the terms of the agreement, Southern Power will acquire 51% of the equity in the solar generation project. Canadian Solar, parent company of Recurrent Energy, will retain 49% ownership and contribute its share of the investment required to complete the construction of the project, which is expected to be completed in 2016. The power from Roserock solar will be delivered to Austin Energy through a 20-year power purchase agreement.
The Roserock array incorporates approximately 700,000 Canadian Solar CS6X-P modules. McCarthy Building Companies is providing the engineering, procurement and construction services for the project. The facility layout was developed in cooperation with mineral operator Apache Corp.
Recurrent Energy has also closed on a combined construction and term debt facility for the Roserock project with a syndicate of five banks led by KeyBank. The other banks are Rabobank, Santander, NORD/LB and CIT. The total financing package is approximately $275 million.
Chadbourne & Parke LLP represented the lead arrangers and lenders for the deal.