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)
The Horsham project combines solar and battery storage, supporting grid stability and peak demand management. (Image Credit/Source: Atimedia/Pixabay)
The 20 MW solar project actively supports Eramet’s SBTi roadmap and climate goals. (Image Source: SolarPanal/Pixabay)
Sherco Solar is the Upper Midwest’s largest solar project, set to power 150,000 homes when fully operational. (Image Source: Xcel Energy)
The PIF4 project includes Haden (1 GW) and Al Khushaybi (1.6 GW) solar power plants in Saudi Arabia. (Image Source: Sineng Electric)