GUELPH,
ON, Sept. 19, 2023 /PRNewswire/ -- Recurrent
Energy, a global developer and owner of solar and energy storage
assets, announced today that it has closed project financing for
its 134 MW (100 MWac) Liberty Solar
project. The project is currently under construction in
Liberty County, Texas, about 50
miles northeast of Houston, and is
expected to reach operation in 2024.
Rabobank acted as the Coordinating Lead Arranger and the Joint
Lead Arranger. Nord LB and U.S. Bank acted as Joint Lead Arrangers.
Rabobank, Nord LB and U.S. Bank will provide construction debt, a
letter of credit facility and a term facility, totaling
$120 million. U.S. Bancorp Impact
Finance, a subsidiary of U.S. Bank, will provide the tax equity
totaling $80 million.
Paul de Waard, Executive
Director, Rabobank, said, "We are proud to successfully close
another project financing with an industry-leading developer like
Recurrent Energy and support its continuous growth across the U.S.
and around the world. Recurrent Energy has been a valued Rabobank
client for nearly a decade and the Liberty project is a perfect
example of our partnership and support of the company's renewable
goals, which align perfectly with Rabobank's commitment to the
global energy transition."
Eric Barr, U.S. Bancorp Impact
Finance Vice President of Business Development for Environmental
Finance, said, "We are thrilled to deepen our long-standing
relationship with Recurrent while expanding clean energy
infrastructure in the state of Texas. Recurrent's partnership is critical in
our efforts to create a more sustainable future for communities
nationwide."
Previously, Recurrent Energy announced that it has secured a
power purchase agreement for 100% of the project's production
capacity via an aggregated virtual power purchase agreement.
Liberty Solar will expand solar
energy capacity in the Midcontinent Independent System Operator
(MISO) region, which includes most of Liberty County where Liberty Solar is located. Solar energy currently
makes up only 1% of the resource mix in MISO.
Ismael Guerrero, CEO of
Recurrent Energy, said, "Liberty
Solar is the second project financing that Recurrent Energy
has closed in North America this
summer, indicating execution on our strategy to retain greater
ownership of projects in select markets. Moreover, Liberty Solar is a strong project in MISO, a
growing market for solar energy. We value our long-standing
relationship with Rabobank, Nord LB and U.S. Bancorp Impact Finance
and we are grateful to reach this milestone together on another
project."
CohnReznick Capital and Latham & Watkins advised Recurrent
Energy on the transaction. Milbank LLP represented the lenders.
Foley & Lardner represented U.S. Bancorp Impact Finance.
About Recurrent Energy
Recurrent Energy is one of the world's largest and most
geographically diversified utility-scale solar and energy storage
project development, ownership and operations platforms. With an
industry-leading team of in-house energy experts, Recurrent Energy
is a wholly-owned subsidiary of Canadian Solar Inc. and
functions as Canadian Solar's global development and power services
business. Additional details are available
at www.recurrentenergy.com.
About U.S. Bancorp Impact Finance
U.S. Bancorp Impact Finance, a subsidiary of U.S. Bank, is an
industry leader in providing financial solutions that help create
positive impact for communities and the environment. For 35 years,
its tax credit investments and syndications, lending and other
financial solutions have helped create affordable housing, spur
economic activity in underserved communities, restore historic
buildings, develop renewable sources of energy, and strengthen
community development financial institutions (CDFIs) nationwide. As
of June 30, 2023, it has $43.3 billion in tax credit equity investments;
$5.5 billion in current loan
commitments to affordable housing, environmental and renewable
energy projects, community development financial institutions
(CDFIs) and other community development intermediaries; and has
raised $16.2 billion of federal tax
equity to support social and environment projects in communities
nationwide. Learn more at usbank.com/impactfinance.
About Canadian Solar Inc.
Canadian Solar was founded in 2001 in Canada and is one of the world's largest solar
technology and renewable energy companies. It is a leading
manufacturer of solar photovoltaic modules, provider of solar
energy and battery storage solutions, and developer of
utility-scale solar power and battery storage projects with a
geographically diversified pipeline in various stages of
development. Over the past 22 years, Canadian Solar has
successfully delivered over 102 GW of premium-quality, solar
photovoltaic modules to customers across the world. Likewise, since
entering the project development business in 2010, Canadian Solar
has developed, built, and connected over 9 GWp of solar power
projects and over 3 GWh of battery storage projects across the
world. Currently, the Company has approximately 700 MWp of solar
power projects in operation, 8 GWp of projects under construction
or in backlog (late-stage), and an additional 17 GWp of projects in
advanced and early-stage pipeline. In addition, the Company has a
total battery storage project development pipeline of 52 GWh,
including approximately 2 GWh under construction or in backlog, and
an additional 50 GWh at advanced and early-stage development.
Canadian Solar is one of the most bankable companies in the solar
and renewable energy industry, having been publicly listed on the
NASDAQ since 2006. For additional information about the Company,
follow Canadian Solar on LinkedIn or visit
www.canadiansolar.com.
Safe Harbor/Forward-Looking Statements
Certain statements in this press release are forward-looking
statements that involve a number of risks and uncertainties that
could cause actual results to differ materially. These statements
are made under the "Safe Harbor" provisions of the U.S. Private
Securities Litigation Reform Act of 1995. In some cases, you can
identify forward-looking statements by such terms as "believes,"
"expects," "anticipates," "intends," "estimates," the negative of
these terms, or other comparable terminology. Factors that could
cause actual results to differ include general business, regulatory
and economic conditions and the state of the solar and battery
storage market and industry; geopolitical tensions and conflicts,
including impasses, sanctions and export controls; volatility,
uncertainty, delays and disruptions related to the COVID-19
pandemic; supply chain disruptions; governmental support for the
deployment of solar power; future available supplies of high-purity
silicon; demand for end-use products by consumers and inventory
levels of such products in the supply chain; changes in demand from
significant customers; changes in demand from major markets, such
as Japan, the U.S., China, Brazil
and Europe; changes in effective
tax rates; changes in customer order patterns; changes in product
mix; changes in corporate responsibility, especially environmental,
social and governance ("ESG") requirements; capacity utilization;
level of competition; pricing pressure and declines in or failure
to timely adjust average selling prices; delays in new product
introduction; delays in utility-scale project approval process;
delays in utility-scale project construction; delays in the
completion of project sales; continued success in technological
innovations and delivery of products with the features that
customers demand; shortage in supply of materials or capacity
requirements; availability of financing; exchange and inflation
rate fluctuations; uncertainties related to the CSI
Solar carve-out listing; litigation and other risks as
described in the Company's filings with the Securities and
Exchange Commission, including its annual report on Form 20-F filed
on April 18, 2023. Although the Company believes that the
expectations reflected in the forward-looking statements are
reasonable, it cannot guarantee future results, level of activity,
performance, or achievements. Investors should not place undue
reliance on these forward-looking statements. All information
provided in this press release is as of today's date, unless
otherwise stated, and Canadian Solar undertakes no duty
to update such information, except as required under applicable
law.
Canadian Solar Inc. Contacts
Isabel Zhang
Investor Relations
Canadian Solar Inc.
investor@canadiansolar.com
David Pasquale
Global IR Partners
914-337-8801
csiq@globalirpartners.com
Recurrent Energy Media Inquiries
Ally Copple
Innovant Public Relations
713-201-8800
Ally@InnovantPR.com
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SOURCE Canadian Solar Inc.