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
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
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.