Recurrent Energy, a subsidiary of Canadian Solar Inc., has finalized a $103 million tax credit facilitation agreement with Bank of America for its 160 MW North Fork Solar Project near Oklahoma City. The project has commenced operations, with the Oklahoma Municipal Power Authority (OMPA) purchasing all electricity generated through a 15-year contract. This agreement represents Recurrent Energy’s inaugural production tax credit (PTC) and tax credit transfer transaction, streamlining fund access. During peak construction, the project employed 500 workers, managed by Blattner for engineering and procurement. North Fork Solar is projected to allocate $26 million towards community services. Beginning development in 2018, the project received financing from NordLB and Rabobank, with advisory assistance from CRC-IB and Latham & Watkins.
Recurrent Energy secures $103M deal
The Oklahoma Municipal Power Authority (OMPA) will purchase all energy from North Fork Solar under a 15-year agreement. (Image Credit: Recurrent Energy)
Scatec has secured EUR 25 million from IFU, alongside equity and non-recourse debt, for its USD 85 million project financing. (Image Source: Scatec ASA)
EliTe Solar launched its 5 GW PV project in Egypt’s TEDA Suez Zone, set to begin production by September 2025. (Image Source: PRNewswire)
Part of SECI’s 2 GW ISTS initiative, the project will deliver four hours of peak power daily for 25 years. (Image Credit/Source: Pixabay/Pexels)
Ethical Power Italia’s first EPC projects in Italy, two solar farms for Encavis AG, will generate 28 GWh annually. (Image Credit/Source: TomFisk/Pexels)