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)
Aiming to support Malaysia’s 31% renewable goal by 2025, Masdar’s study could pave the way for large-scale floating solar in Southeast Asia. (Image Source: Masdar)
Avangrid’s Camino Solar project will generate power for approximately 14,000 US homes and is expected to create $15 million in local tax revenue. (Image Source: Avangrid)
Poland’s solar sector is set to benefit from Suntech’s advanced TOPCon modules under a new 200 MW distribution partnership. (Image Source: Suntech/ Linkedin)
Telecrown’s order from RRP Semiconductor includes silicon solar cells and polycrystalline materials for Maharashtra’s growing renewable energy sector. (Image Credit/Source: fietzfotos/Pixabay)