Recurrent Energy secures $695 million for California solar project
Financing supports a 250-megawatt solar facility in California, part of a broader push to expand renewable energy capacity in the state.
Recurrent Energy, a subsidiary of Canadian Solar, has secured $695 million in financing for a 250-megawatt solar project in California.
The funding, arranged through a consortium of lenders including MUFG Union Bank, ING Capital, and Societe Generale, will support construction and operation of the facility. The project is located in Kern County and is expected to generate approximately 500,000 megawatt-hours of electricity annually upon completion.
The financing structure includes tax equity investors, reflecting the project's eligibility for federal and state renewable energy incentives. Recurrent Energy stated the arrangement aligns with California's goal of achieving 100% clean energy by 2045.
Construction is slated to begin in mid-2024, with commercial operations expected by 2026. The project is part of a broader pipeline of renewable energy initiatives under development by Recurrent Energy across the U.S. and Canada.
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