Recurrent Energy Finalizes Construction Financing For Solar PV Projects In Ontario

Solar developer Reccurent Energy has secured a $250 million credit facility in what the company is calling one of the largest non-recourse solar financing for a solar photovoltaic (PV) portfolio in North America.

Japan's Mizuho Corporate Bank arranged the agreement which will supply the four-year credit facility to support the construction of 20 solar PV projects in Ontario, Canada. As part of the crown-owned Ontario Power Authority's feed-in tariff program (FIT) Recurrent Energy has more than 200 MW of solar projects under various stages of development. Though Recurrent was not available for immediate comment according to its website all of the projects in Ontario are in the final stretch of the approval process. As it prepares to break ground on multiple projects in 2012 this funding signals a "major step for Recurrent"  for the company's CEO Arno Harris.

In September 2010 Recurrent, which is based out of San Fransico, was aquired by Sharp Corporation for $305 million becoming the Japanese multinational's primary worldwide solar developer. Recurrent boasts a project pipeline of 2.4 GW and has 450 MW of signed contracts in Spain, the U.S. and Canada.

This news follows Duke Energy Corp.'s announcement last week that it had purchased two Recurrent PV solar projects that were recently brought online in Arizona. The 5 MW Ajo Solar Project and the 15 MW Bagdad Solar Project are now delivering renewable energy to the power grid through two separate 25-year power purchase contracts with the Arizona Public Service Company (APS).

Image Credit: davedehetre via Flickr.