2023-09-01 01:51:13
Canadian Solar Inc. has announced that its subsidiary, Recurrent Energy, has secured $112 million in financing for its North Fork solar project in Oklahoma. The project, with a capacity of 160 MW, is expected to be operational in 2024.
The Oklahoma Municipal Power Authority (OMPA) has signed a 15-year power purchase agreement with Recurrent Energy, under which OMPA will purchase 100% of the power produced by North Fork Solar. This deal marks OMPA’s first foray into solar power, as the utility relies primarily on Oklahoma wind for its power supply.
The North Fork Solar project is a significant milestone for Recurrent Energy as it is its first project in Oklahoma and in the Southwest Power Pool (SPP) region. Currently, solar energy represents less than 1% of the mix of energy resources in the SPP.
Project financing was arranged by NordLB, Rabobank and Blattner Energy was selected as the engineering, procurement and construction company. Once operational, North Fork Solar will generate enough electricity to power approximately 35,000 homes.
Canadian Solar, founded in 2001, is one of the world’s largest renewable energy and solar technology companies. It specializes in manufacturing solar photovoltaic modules, providing solar power and battery storage solutions, and developing large-scale solar power and battery storage projects.
This project financing reaffirms Canadian Solar’s commitment to expanding its portfolio of renewable energy projects and supporting the transition to a cleaner energy future.
Fuentes:
– Canadian Solar Inc.
– PRNewswire
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