Recurrent Energy LLC, a unit of Canadian Solar Inc, has obtained USD 112 million (EUR 103m) in project financing for its first solar project in the US state of Oklahoma and in the Southwest Power Pool (SPP).
Specifically, the company secured the funds for the 120-MW/160-MWp North Fork Solar project located 100 miles southwest of Oklahoma City. It started developing the scheme in 2018 and expects to complete it next year.
Recurrent Energy will sell the entire output of the plant under a 15-year contract with Oklahoma Municipal Power Authority (OMPA). While the municipal utility already sources 150 MW of wind power, this is its first solar energy transaction, according to the announcement.
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