Recurrent Energy, a North American solar project
developer, announced that Mizuho Corporate Bank has granted a revolver credit
facility of $250 million to support Recurrent Energy’s construction
of 20 solar photovoltaic (PV) projects throughout the province of Ontario,
Canada.
“This financing signals a major step for Recurrent
Energy and Ontario: the build-out of some 200 MW of solar power plants.
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,” said Arno Harris, CEO of
Recurrent Energy.
This credit facility will help Recurrent Energy begin
construction on the first phase of solar developments in Ontario. The
project is expected to 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).
The credit facility is one of the largest non-recourse
solar financings for a solar PV portfolio in North America.
“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,” said Shinya Wako, managing executive officer and head of the
Americas for Mizuho Corporate Bank.
By GreentechLead.com Team
editor@greentechlead.com