Canadian Solar subsidiary Recurrent Energy has secured funding for the 100 MW Mustang Solar Facility in California. The funding comes from Santander Bank, N. A. and U.S. Bancorp Community Development Corporation (USBCDC)
Recurrent Energy will be the managing member and will own and operate the project, while Santander Bank provides the loan and USBCDC a tax equity investment in the project.
Construction on the Mustang project began earlier this summer, with Blattner Energy providing engineering, procurement, and construction services. It is expected to come online at the end of next year. The electricity and renewable energy credits generated are expected to be sold under power purchase agreements (PPA’s).
“By supporting renewable energy projects like the Mustang facility, we can help sustain the environment and stimulate the economy,” said Jorge Camina, Head of Project Finance at Santander Bank, N.A.
“USBCDC is excited to partner with Canadian Solar and Recurrent on this investment, which will lead to economic development and job creation in Kings County, while providing additional renewable energy resources to California electric customers,” said Adam Altenhofen, vice president of U.S. Bancorp Community Development Corporation.
Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar said, “Securing financing for the Mustang project is an important milestone as we work to execute on our pipeline of late stage projects.”