Canadian Solar, a global solar energy solutions provider, announced a significant milestone as its subsidiary, Recurrent Energy, secured $112 million in project financing for the North Fork Solar project. This 160 MW (120 MWac) solar initiative is situated 100 miles southwest of Oklahoma City and is poised to make a significant contribution to the region’s renewable energy landscape.
NordLB acted as Coordinating Lead Arranger and Joint Lead Arranger, while Rabobank participated as Joint Lead Arranger in the project financing efforts. The North Fork Solar project is anticipated to commence operations in 2024, bolstering Oklahoma’s growing clean energy infrastructure.
The Oklahoma Municipal Power Authority (OMPA), serving 42 municipally-owned electric systems in the state, has entered into a 15-year agreement to purchase 100 percent of the energy produced by the North Fork Solar project. This marks OMPA’s inaugural foray into solar energy procurement, adding to its existing power supply sources, which encompass various resources including 151 MW of wind energy generated within the state.
David Osburn, OMPA General Manager, expressed enthusiasm for the project, stating, “OMPA is extremely excited to add North Fork Solar to our portfolio of energy resources. This will continue to diversify our energy mix and increase the amount of non-carbon resources for the benefit of our member cities.”
The North Fork Solar project signifies Recurrent Energy’s entry into Oklahoma’s energy landscape and marks the company’s first project within the Southwest Power Pool (SPP), an operator overseeing the wholesale power market across 15 central U.S. states. Solar energy currently constitutes less than 1 percent of SPP’s energy resource composition.
Sondra Martinez, Managing Director of Nord/LB, shared her excitement about the partnership with Recurrent Energy, stating, “North Fork Solar takes no exception and further diversifies our portfolio within the SPP market. We look forward to continuing our long-standing partnership with Recurrent Energy especially as they execute on their ambitious energy transition pipeline.”
Blattner Energy has been chosen as the engineering, procurement, and construction partner for the North Fork Solar project. Once operational, the project is poised to generate enough electricity to power approximately 35,000 homes.
Recurrent Energy initiated the development of the North Fork Solar project in 2018. After construction concludes, the company plans to retain ownership and operation of the project through its Power Services division, aligning with its commitment to expanding the portfolio of renewable energy projects within its operational assets.
Ismael Guerrero, CEO of Recurrent Energy, emphasized the importance of the North Fork Solar project and the collaboration with trusted partners, stating, “Oklahoma has long been known for its rich wind resource, and now OMPA’s customers will benefit from low-cost solar energy to complement the wind energy in their portfolio.” The successful financing of this project underscores the ongoing commitment to advancing clean energy solutions within the region.