SAN FRANCISCO-Solar project developer, Recurrent Energy, has secured a four-year construction revolver credit facility of $250 million from Mizuho Corporate Bank to support the construction of 20 solar photovoltaic projects throughout the province of Ontario, Canada. The credit facility is one of the largest non-recourse solar financings for a solar PV portfolio in North America.
According to Arno Harris, CEO of the Recurrent, the 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.”
With the financing, Recurrent Energy plans to begin construction on the first phase of solar developments in Ontario. When completed, the 20 solar developments will 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, which provides long-term contracts for energy generated from renewable sources such as solar.
Shinya Wako, managing executive officer and head of the Americas for Mizuho Corporate Bank, says that “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.”
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This isn’t the first time Recurrent has had numerous projects in its pipeline. In 2009, GlobeSt.com wrote that the locally based firm acquired a 350-megawatt, Canada-weighted solar power project pipeline from UPC Solar, a Chicago-based renewable energy development company. The firm said then that it planned to develop, own, finance, and operate the solar projects in UPC Solar’s multi-megawatt pipeline and that it wanted to have more than 100 MW of operational assets by 2012.
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
