Recurrent Energy, a wholly owned subsidiary of Canadian Solar, closed on a combined construction loan and construction letter of credit facility for the 20 MWac/28 MWp Gaskell West 1 solar power project.
KeyBank provided the loan and letter of credit facility for the project, while KeyBanc Capital Markets acted as lead arranger for the deal. This marked Recurrent Energy’s seventh transaction with KeyBanc Capital Markets.
“As we advance our solar project pipeline across the U.S., long-standing financial partners like KeyBanc Capital Markets are critical to our continued success,” said Dr. Shawn Qu, chairman and CEO of Canadian Solar.
“Recurrent Energy delivers consistently high-quality solar projects, and we are pleased to take a leading role in the Gaskell West 1 project,” said Daniel Brown, managing director of KeyBanc Capital Markets Utilities, Power & Renewable Energy Group. “This transaction underscores our continued commitment to building sustainable communities.”
The Gaskell West 1 project began construction in autumn of 2017 and is expected to reach commercial operation in spring of 2018. The project will deliver clean solar energy to Southern California Edison under a long-term power purchase agreement.
Based in the U.S., Recurrent Energy is a utility-scale solar project developer, delivering clean electricity to large energy buyers.