KeyBanc Capital Markets has signed a construction loan and letter of credit facility for Recurrent Energy’s 20 MW Gaskell West 1 solar project in California.

The project, located in Kern County, has a 20-year power purchase agreement with Southern California Edison and is expected to begin commercial operations in spring 2018.

In the meantime, Recurrent is "seeing strong interest from tax equity investors as part of [an] ongoing competitive bidding process" for the project, says a spokesperson for the company in San Francisco.

The size and pricing of the deal were not disclosed. The Recurrent spokesperson declined to comment and officials at KeyBanc Capital Markets in Cleveland could not immediately be reached.


Following the Gaskell West 1 deal, the Canadian Solar subsidiary has one U.S. project left to be financed in its late-stage development pipeline—the 150 MW Mustang 2 project, also in California—according to a recent filing with the U.S. Securities and Exchange Commission.

Recurrent recently signed two PPAs for the output of the Mustang 2 project. Peninsula Clean Energy has agreed to purchase 100 MW under a 15-year contract, while the Modesto Irrigation District has signed a 20-year PPA for the remaining 50 MW.

The project is located in Kings County and is expected to be online in 2019.

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