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Recurrent Energy secures $112M financing for U.S. solar project

North Fork Solar in Oklahoma is expected to be operational in 2024

A Recurrent Energy solar array. (Courtesy Recurrent Energy)
A Recurrent Energy solar array. (Courtesy Recurrent Energy)

Canadian Solar Inc. subsidiary Recurrent Energy has secured $112 million in project financing for its 160-megawatt North Fork Solar project, 100 miles southwest of Oklahoma City.

The project is expected to be operational in 2024.

Oklahoma Municipal Power Authority (OMPA), which serves 42 municipally-owned electricity providers in Oklahoma, will purchase 100 per cent of the energy produced by North Fork Solar under a 15-year agreement. OMPA's power purchase agreement with Recurrent Energy marks the municipal utility's first solar energy transaction.

"As Recurrent Energy ramps up investment in its diverse project pipeline and increases its project ownership, we're delighted today to announce the close of project financing for North Fork Solar in Oklahoma with our trusted partners – NordLB and Rabobank,” Ismael Guerrero, Recurrent Energy’s CEO, said in a statement.

“Oklahoma has long been known for its rich wind resource, and now OMPA's customers will benefit from low-cost solar energy to complement the wind energy in their portfolio."

Recurrent Energy’s Oklahoma project

Recurrent Energy selected Blattner Energy as the engineering, procurement and construction partner for North Fork Solar. Once operational, the project will produce enough electricity to power 35,000 homes.

NordLB acted as coordinating lead arranger and joint lead arranger. Rabobank also acted as joint lead arranger.

The company began development of North Fork Solar in 2018. Once construction is completed, Recurrent Energy will own and operate the project through its power services business.

North Fork Solar represents Recurrent Energy's first project in Oklahoma and in the Southwest Power Pool, the bulk electricity grid and wholesale power market operator across 15 states in the central U.S. Solar energy currently makes up less than one per cent of the operator’s energy mix.

Canadian Solar and Recurrent Energy

Canadian Solar (CSIQ-Q), founded in 2001, has approximately 700 megawatt-peak of solar power projects in operation, eight gigawatt-peak of projects under construction or in backlog, and an additional 17 gigawatt-peak of projects in advanced and early-stage pipeline.

In addition, the company has a total battery storage project development pipeline of 52 gigawatt-hours, including approximately two gigawatt-hours under construction or in backlog, and an additional 50 gigawatt-hours at advanced and early-stage development.

Canadian Solar first acquired Recurrent Energy in February 2015 from the Sharp Corporation for approximately $265 million.

In April of this year, Recurrent Energy was rebranded to encompass all of Canadian Solar’s global development and services businesses.

"Recurrent Energy has a strong brand and track record in clean energy project development and execution, having brought online some of the world's first and largest solar, solar-plus-storage and standalone energy storage projects,” Shawn Qu, Canadian Solar’s chairman and CEO, said in a statement at the time.

“As Canadian Solar continues to make a difference by supporting the global transition towards a more reliable, lower-carbon grid, we are pleased to streamline our development and operations and maintenance services under the Recurrent Energy umbrella. Recurrent Energy is now unified in its global mission and growth."

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