Ontario-based Canadian Solar‘s subsidiary, Recurrent Energy, has secured $112M in project financing for its 160 MW North Fork Solar project in Oklahoma, with NordLB and Rabobank as key arrangers.
The project, located 100 miles southwest of Oklahoma City, is expected to be operational in 2024, further advancing renewable energy in the region.
Aim of the project
The Oklahoma Municipal Power Authority (OMPA), which serves 42 municipally-owned electric systems in the state, has signed a 15-year power purchase agreement with Recurrent Energy for the North Fork Solar project.
OMPA will purchase all the energy generated by the project, marking its first venture into solar energy. Currently, OMPA’s power supply includes 151 MW of wind energy in Oklahoma, and this solar project is a significant addition to its renewable energy portfolio.
North Fork Solar is Recurrent Energy’s first project in Oklahoma and marks its entry into the Southwest Power Pool (SPP), covering 15 central US states. Solar energy represents less than 1 per cent of the energy mix in SPP, making this project a notable addition to the region’s solar capacity expansion.
Sondra Martinez, MD of Nord/LB says, “We are pleased to support Recurrent Energy on another project financing as Coordinating Lead Arranger. Our team values the long-standing relationship with the Recurrent Energy team as we collectively continue to adapt and innovate around an evolving market.”
“North Fork Solar takes no exception and further diversifies our portfolio within the SPP market. We look forward to continuing our long-standing partnership with Recurrent Energy especially as they execute on their ambitious energy transition pipeline,” adds Martinez.
Blattner Energy has been selected by Recurrent Energy as the EPC (engineering, procurement, and construction) partner for the North Fork Solar project. Once operational, this project will have the capacity to provide electricity for around 35,000 homes.
Recurrent Energy started developing the North Fork Solar project in 2018 and will continue to own and operate it through its Power Services business upon completion.
Ismael Guerrero, CEO of Recurrent Energy says, “As Recurrent Energy ramps up investment in its diverse project pipeline and increases its project ownership, we’re delighted today to announce the close of project financing for North Fork Solar in Oklahoma with our trusted partners – NordLB and Rabobank. Oklahoma has long been known for its rich wind resource, and now OMPA’s customers will benefit from low-cost solar energy to complement the wind energy in their portfolio.”
Brief about Canadian Solar
Founded in 2001, Canadian Solar is a major player in the global solar technology and renewable energy sector. The company claims to be a leading manufacturer of solar photovoltaic modules, offers solar energy and battery storage solutions, and is actively engaged in developing utility-scale solar power and battery storage projects across diverse geographical regions at different stages of development.
To date, Canadian Solar has delivered over 102 GW of premium solar photovoltaic modules globally. Since entering project development in 2010, they have built and connected over 9 GWp of solar power projects and over 3 GWh of battery storage projects worldwide.
Canadian Solar is a major player in renewable energy, with 700 MWp of solar projects in operation, 8 GWp under construction or in backlog, and 17 GWp in early to advanced development. They also have a 52 GWh battery storage project pipeline, with 2 GWh under construction and 50 GWh in early to advanced development.
