The project, now under construction, is expected to enter commercial operation in the fourth quarter of 2016.
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Recurrent Energy, which is a subsidiary of Canadian Solar (NASDAQ:CSIQ), has closed on construction debt, letter of credit and back-leveraged term facilities totalling Dollars 275 million (EUR 260m), according to a press statement published today.
“We are proud that Braydon Manor has been recognised as an exceptional scheme- not only in the community energy sector but as the best standalone renewable energy project in the South West”.
Recurrent Energy has secured construction and term debt financing for the project from five banks, including Rabobank, Santander, NORD/LB, CIT and KeyBank serving as the Coordinating Lead Arranger. “We believe this technology will provide the home end-user with a solar system capable of powering a home to be independent of the power grid system and far superior to any now being employed”.
The Roserock solar farm will provide power to the city of Austin and surrounding areas through a 20-year power purchase agreement with the municipally owned Austin Energy. McCarthy Building Companies is providing the engineering, procurement and construction services for the project.
This transaction represents Recurrent Energy’s second partnership with Southern Power, which also holds a controlling interest in the Tranquillity solar facility in California. The facility layout was developed in cooperation with mineral operator Apache Corp.
Mark Vanderhelm, vice president of energy for Walmart, added: “Solar is an important part of our renewable energy program”. This will significantly expand the scale of the company’s solar energy development platform, making it one of the foremost solar energy developers in the world. He said that detailed resource assessment of wind, solar and biomass was carried out in the country through ESMAP’s (World Bank) assistance.
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Other companies listed on the Solar Means Business report include Kohl’s, FedEx, Apple, Macy’s, Walgreens, Target, IKEA, General Motors, Verizon, Johnson & Johnson and more. “Solar” target=”_blank”>Twitter, LinkedIn, or on the website.
