Recurrent Energy, a unit of Canadian Solar Inc., has closed financing for the 100-megawatt Mustang solar power project in California, after it secured a debt facility with Santander Bank and a tax equity investment commitment with U.S. Bancorp Community Development Corp.<\/p>\n
Under the agreements, Santander Bank will provide US$165 million in construction lending, a tax equity bridge loan, and a term loan option, for the Mustang solar project, which is under construction. USBCDC is making a tax equity investment in the project, under a separate agreement.<\/p>\n
\u201cThis agreement with leading investors such as Santander and USBCDC demonstrates our ability to develop consistently bankable solar projects,\u201d said Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar. \u201cSecuring financing for the Mustang project is an important milestone as we work to execute on our pipeline of late stage projects.\u201d<\/p>\n
The Mustang project, covering an area of approximately 1,000 acres in Kings County, is expected to reach commercial operation in the fourth quarter of 2016. The project began construction in summer 2015 with Blattner Energy serving as the provider of engineering, procurement, and construction services. The Mustang project is expected to generate enough clean solar energy to power approximately 28,000 homes. The electricity and associated renewable energy credits generated by the facility will be sold under long-term power purchase agreements.<\/p>\n
\u201cBy supporting renewable energy projects like the Mustang facility, we can help sustain the environment and stimulate the economy,\u201d said Jorge Camina, Head of Project Finance at Santander Bank, N.A. \u201cFinancing Canadian Solar and Recurrent Energy in this milestone project demonstrates our commitment to supporting leading sponsors of renewable energy projects.\u201d<\/p>\n
\u201cUSBCDC is excited to partner with Canadian Solar and Recurrent on this investment, which will lead to economic development and job creation in Kings County, while providing additional renewable energy resources to California electric customers,\u201d said Adam Altenhofen, vice president of U.S. Bancorp Community Development Corporation, which invested US$101 million in renewable energy tax equity credit in the project.<\/p>\n","protected":false},"excerpt":{"rendered":"
Recurrent Energy, a unit of Canadian Solar Inc., has closed financing for the 100-megawatt Mustang solar power project in California, after it secured a debt facility with Santander Bank and a tax equity investment commitment with U.S. Bancorp Community Development Corp.<\/p>\n","protected":false},"author":2,"featured_media":3466,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[686,683,677,688],"tags":[],"class_list":["post-4698","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-americas","category-deals-finance","category-head-lines","category-solar"],"yoast_head":"\n