Recurrent Energy secures $275 million of financing for solar project

By Lisa Kerner

Charlotte, N.C., Nov. 30 – Recurrent Energy closed on a combined $275 million construction and term debt facility with a syndicate of five banks for the 157.5 MW ac/212 MWp Roserock solar project in Texas.

KeyBank is the coordinating lead arranger of the syndicate which includes Rabobank, Santander, NORD/LB and CIT.

The funding includes project-level construction debt, LC facilities and a back-leveraged term facility, according to a news release.

The project is currently under construction. The electricity generated by the facility will be delivered to Austin Energy under a 20-year power purchase agreement.

Recurrent Energy is a clean energy company, with utility-scale solar plants that provide competitive clean electricity. It is a subsidiary of Canadian Solar, a solar power company based in Guelph, Ont.

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