Recurrent Energy, a subsidiary of Canadian Solar, has obtained project financing of $112m (C$151.34m) from NordLB and Rabobank for the 120MW North Fork solar plant in Oklahoma, US.
NordLB acted as the coordinating lead arranger for the project, and was joint lead arranger along with Rabobank.
The power generated from the solar plant will be bought by the Oklahoma Municipal Power Authority (OMPA) under a 15-year agreement.
OMPA serves 42 municipally owned electric systems in the state.
This is the first solar energy transaction for the utility. OMPA sources its power from a range of resources including the 151MW Oklahoma Wind farm.
Recurrent Energy CEO Ismael Guerrero stated: “As Recurrent Energy ramps up investment in its diverse project pipeline and increases its project ownership, we are delighted today to announce the close of project financing for North Fork Solar in Oklahoma with our trusted partners – NordLB and Rabobank.