Canadian Solar Inc.announced that its subsidiary, Recurrent Energy, has secured $112 million in project financing for the 160 MW North Fork Solar project, located 100 miles southwest of Oklahoma City. NordLB served as Coordinating Lead Arranger and Joint Lead Arranger, with Rabobank acting as Joint Lead Arranger. The project is set to commence operations in 2024.
Oklahoma Municipal Power Authority (OMPA), serving 42 municipally-owned electric systems in Oklahoma, has signed a 15-year agreement to purchase 100% of the energy generated by North Fork Solar. This marks OMPA’s first venture into solar energy, as it diversifies its power supply, which includes 151 MW of Oklahoma wind energy.
“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,” said David Osburn, OMPA General Manager.
“We are pleased to support Recurrent Energy on another project financing as Coordinating Lead Arranger. Our team values the long-standing relationship with the Recurrent Energy team as we collectively continue to adapt and innovate around an evolving market. 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,” added Sondra Martinez, Managing Director, Nord/LB.
The North Fork Solar project marks Recurrent Energy’s inaugural venture into Oklahoma and its first foray into the Southwest Power Pool (SPP), the operator of the bulk electric grid and wholesale power market spanning 15 central U.S. states. Notably, solar energy presently constitutes less than 1 percent of SPP’s energy resource mix.
For the North Fork Solar project, Recurrent Energy has picked Blattner Energy as the partner for engineering, procurement, and construction. Upon becoming operational, this project is set to generate sufficient electricity to meet the demands of 35,000 households.
Recurrent Energy initiated the development of the North Fork Solar project back in 2018. Once construction concludes, Recurrent Energy will assume ownership and operational responsibility for the project through its Power Services division.
Ismael Guerrero, CEO of Recurrent Energy, noted, “As Recurrent Energy ramps up investment in its diverse project pipeline and increases its project ownership, we’re delighted today to announce the close of project financing for North Fork Solar in Oklahoma with our trusted partners – NordLB and Rabobank. 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.”
