Canadian Solar announced its wholly owned subsidiary, Recurrent Energy, closed on a tax equity investment commitment with GE Energy Financial Services for the 100 megawatt Astoria solar power project.
Recurrent Energy said it also closed a debt facility for the Astoria project, currently under construction in California.
Recurrent Energy will be the managing member of the Astoria solar power project and plans to own and operate the facility. Santander Bank was the coordinating lead arranger of a five member bank club including: NORD/LB, Rabobank, Key Bank and CIT Bank, which will provide project-level construction debt, a letter of credit facility and a back-leveraged term loan facility, totaling approximately $260 million.
“We are pleased to invest in our first solar project alongside Recurrent Energy and Canadian Solar and to support a world class solar project employing technology supplied by GE Power Conversion,” said Kevin Walsh, managing director and head of renewable energy at GE Energy Financial Services.
The Astoria project is GE Energy Financial Services’ latest renewable energy investment. The company committed over $2 billion in nearly two gigawatts of solar power projects worldwide and continues to invest $1 billion annually.
“The Astoria solar project, Santander’s fourth financing of a Recurrent Energy plant in the U.S. this year, is another milestone in our fruitful cooperation to build renewable energy projects,” said Jorge Camina, head of Project Finance at Santander Bank. “This is another example of our commitment to support projects that are good for the environment and create jobs to help stimulate the economy.”