Recurrent closes on financing for 75 MW-AC solar project in North Carolina

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Yesterday Recurrent Energy announced that it had closed on debt and tax equity financing for a 102 MW-DC/75 MW-AC project in North Carolina. The NC 1o2 project is currently under construction in Cabarrus County, in the South-Central part of the state, and Recurrent expects to put the plant online in the third quarter of this year.

Prudential Capital Group will provide a $107 million debt facility, and the U.S. Bancorp Community Development Corporation (USBCDC) is making a tax equity investment under a separate agreement. Prudential and USBCDC also invested in Recurrent’s IS-42 solar project, which the company put online in the state in October of last year, and have separately partnered with Recurrent on other projects in California.

“Prudential Capital Group and USBCDC are widely regarded as leading investors in the energy space, and we are pleased to partner again with them to continue growing our project portfolio in the United States,” said Dr. Shawn Qu, chairman and chief executive officer of Canadian Solar, the parent company of Recurrent.

The NC 102 project holds a 10-year contract to sell electricity to Duke Energy Carolinas. Despite changes to state implementation of the Public Utilities Regulatory Policy Act of 1978 (PURPA), North Carolina’s solar market has continued to grow, and the state has the 2nd-largest installed capacity in the nation.