Recurrent Energy secures $103M deal

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.