Project Finance Brief: Recurrent Secures Financing for 100 MW Solar Project

Southern Power acquires 200 MW solar project in Texas

September 27, 2023


From: Mercom Capital Group

Recurrent Energy, a wholly-owned subsidiary of Canadian Solar and a utility-scale solar and energy storage project developer, closed project financing for its 134 MW (100 MWac) Liberty Solar project. The project is under construction in Liberty County, Texas, and is expected to reach operations in 2024. Rabobank, Nord LB, and U.S. Bank will provide construction debt, a letter of credit facility, and a term facility totaling $120 million. U.S. Bancorp Impact Finance, a subsidiary of U.S. Bank, will provide the tax equity totaling $80 million.

Southern Power, an electric utility subsidiary of Southern Company, acquired the 200 MW Millers Branch solar project from EDF Renewables. The solar facility is currently in the early stages of development and has the potential to expand up to 500 MW. The project is located in Haskell County, Texas. Southern Power will lead the continued development and construction of the Millers Branch, which is expected to achieve commercial operation in the fourth quarter of 2025.

Cubico Sustainable Investments, a London-based renewable energy developer and asset owner, has completed the acquisition of three operational projects in Uruguay from Brookfield. The transaction comprises two wind projects, 52 MW Carape I and 43 MW Carape II in Maldonado, and one solar photovoltaic project, 26 MW Alto Cielo in Artigas.

Renewable energy company Enfinity Global has announced the acquisition of 546 MW of solar assets under development in Colorado, United States, from the engineering, procurement, and construction (EPC) firm CS Energy. The acquisition encompasses three solar projects in Colorado, a region with a mandate to achieve 100% renewable energy by 2050.

DSD Renewables, a solar and energy storage solutions provider, acquired a community solar portfolio totaling 15 MW in Minnesota from New Energy Equity. The construction of the four solar projects is already ongoing and is slated to start at the remaining five sites by the end of 2023. Completion of the entire portfolio is expected by 2024.

Click here for reports and trackers on funding and M&A transactions in solar, energy storage, and smart grid sectors.

Read last week’s project finance brief.