Texas Solar Developer Closes $200M Financing Deal

Recurrent Energy has landed $200 million in financing for its 134-megawatt solar farm 50 miles NE of Houston. The Liberty Project will generate enough solar electricity to power roughly 20,000 homes. It’s expected to come online next year.

Recurrent, a U.S. subsidiary of Canadian Solar, said the Liberty County project is receiving construction debt, a letter of credit facility and a term facility totaling $120 million from Rabobank, Nord LB and U.S. Bank. U.S. Bancorp Impact Finance, a subsidiary of U.S. Bank, will provide $80 million in tax equity financing, which offers tax benefits for investors.

Recurrent announced in May that it had signed power purchase agreements with a consortium of five companies to account for all of Liberty Solar’s expected production capacity – Autodesk, biotechnology company Biogen, EMD Electronics, home goods retailer Wayfair and an unnamed “large healthcare company.”