Canadian Solar’s subsidiary Recurrent Energy has signed a partnership
agreement with Southern Company’s subsidiary Southern Power over a 157
MW Texas solar project. The two parent companies announced on Monday that their subsidiaries
had signed the partnership agreement over the 157 MW Roserock solar
facility in Texas. Southern Company’s subsidiary Southern Power will
take controlling interest of the project, which is currently under
construction by Recurrent Energy.
“Southern Power’s first solar project in Texas helps further the
company’s robust wholesale business and further expands our solar
footprint,” said Southern Power President and CEO Oscar C. Harper.
“With strategic acquisitions nationally, the continued development of
industry-leading assets aligns with our company’s low-risk strategy and
enhances one of America’s largest renewable portfolios.”
The 157 MW project will be the latest addition to Southern Power’s
portfolio of renewable energy projects — one of the largest in North
America — and upon expected completion in the fourth quarter of 2016
will provide electricity to Austin Energy under a 20-year Power Purchase
Agreement.
The two companies made the announcement on the same day that Canadian
Solar revealed that Recurrent Energy had secured debt financing
totaling approximately $275 million from a syndicate of five banks —
KeyBank, Rabobank, Santander, NORD/LB, and CIT. Under the terms of the
acquisition, Canadian Solar will retain 49% ownership of the project,
and will contribute its share of the investment required to complete the
construction of the project — the aforementioned debt financing.
“This top tier group of financiers’ attraction to the Roserock solar
project is a clear indication that large-scale solar can compete and
succeed in competitive energy markets like Texas,” said Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar. “This agreement is a testament to our broader team’s ability to deliver bankable solar projects with strong fundamentals.”
http://cleantechnica.com/2015/12/02/canadian-solar-subsidiary-recurrent-energy-signs-agreement-157-mw-texas-solar-project/
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