Thursday, July 18, 2024

Recurrent Energy Secures $103 Million Tax Credit Switch Settlement with Bank of America for North Fork Solar Project

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aerial photography of blue solar panels
Representational picture. Credit: Canva

Recurrent Energy, a subsidiary of Canadian Solar Inc. introduced that it has signed a $103 million tax credit score facilitation settlement with Bank of America for the North Fork Solar Project (“North Fork Solar”). The 160 MW photo voltaic venture, positioned southwest of Oklahoma City, is now operational.

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To mark the beginning of operations, Recurrent Energy and the Oklahoma Municipal Power Authority (“OMPA”) hosted a ribbon-cutting ceremony on June 26, 2024. OMPA, which serves 42 programs in electrical energy owned by the municipality of Oklahoma, will buy 100% of the power produced by North Fork Solar beneath a 15-year settlement. Recurrent Energy will proceed to personal and function the venture for the long run.

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This tax fairness settlement represents Recurrent Energy’s first manufacturing tax transaction (PTC) and first tax credit score switch transaction. By transferring tax credit to Bank of America, Recurrent Energy can entry funding extra shortly and effectively. At its peak, North Fork Solar employed about 500 building staff. Blattner offers engineering, procurement, and building companies, enlisting a number of native corporations as subcontractors.

David Osburn, General Manager of OMPA, mentioned, “OMPA is happy so as to add the primary massive photo voltaic venture to our useful resource combine. This addition will additional diversify our power sources and supply our member metropolis extra power choices to supply their clients. We look ahead to persevering with a long-term relationship with Recurrent Energy.”

Karen Fang, Global Head of Sustainable Finance at Bank of America, added, “This transaction demonstrates our skill to assist shoppers by serving to to construct a brand new marketplace for transferable tax credit. As half in our $1.5 trillion dedication to deploy and mobilize sustainable monetary capital by 2030, we’re targeted on accelerating and scaling renewable power initiatives like North Folk Solar.

Ismael Guerrero, CEO of Recurrent Energy, mentioned, “North Fork Solar is now strengthening power progress and sustainability in Oklahoma. We thank our many companions who’ve supported this venture from growth to operation .We are happy to work with our companions at Bank of America to implement one of many first tax credit score switch transactions available on the market.



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