Recurrent Energy, a subsidiary of Canadian Solar in the U.S., has secured $200 million in financing for its 134-megawatt solar farm located just 50 miles northeast of Houston. The Liberty Project is estimated to produce enough solar energy to power approximately 20,000 homes and is set to go live next year.
The project will receive construction debt, a letter of credit facility and a term facility totaling $120 million from Rabobank, Nord LB and U.S. Bank through Recurrent. Additionally, U.S. Bancorp Impact Finance (a subsidiary of U.S. Bank) will provide $80 million in tax equity financing that offers tax benefits for investors.
In May this year, Recurrent announced that it had entered into power purchase agreements with five companies – Autodesk, Biogen (biotechnology company), EMD Electronics (electronics manufacturer), Wayfair (home goods retailer) and an undisclosed “large healthcare company” – which would account for all the expected production capacity at Liberty Solar.
