Recurrent Energy has announced that it has secured a four-year construction revolver credit facility of $250 million from Mizuho Corporate Bank. The facility will support the construction of 20 solar photovoltaic (PV) projects throughout the province of Ontario, Canada. The credit facility is one of the largest non-recourse solar financings for a solar PV portfolio in North America.
"This financing signals a major step for Recurrent Energy and Ontario: the build-out of some 200 MW of solar power plants," said Arno Harris, CEO of Recurrent Energy.
"This transaction provides yet more evidence that solar is a mainstream energy source attracting significant investment from established financial partners. This is what solar looks like at scale."
With this financing, Recurrent Energy will begin construction on the first phase of solar developments in Ontario. When completed, the 20 solar developments will provide more than 200 MW of power to residents in the province.
The projects are all under the Ontario Power Authority's feed-in tariff program (FIT), which provides long-term contracts for energy generated from renewable sources such as solar.
Mizuho Corporate Bank was the lead arranger and administration agent for this financing agreement.
Shinya Wako, Managing Executive Officer and Head of the Americas for Mizuho Corporate Bank, commented, "This agreement is a significant milestone for our involvement in the North American solar industry, and we are pleased to be partnering with Recurrent Energy, a solar developer with proven experience and expertise."
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