Canadian Solar Subsidiary Recurrent Energy Secures Debt Financing for 20 MW California Solar Project

Recurrent Energy, LLC, a wholly owned subsidiary of Canadian Solar Inc., today announced it has closed on a combined construction loan and construction letter of credit facility for the 20 MWac/28 MWp Gaskell West 1 solar power project.

KeyBank N.A. provided the construction loan and construction letter of credit facility for the project, while KeyBanc Capital Markets Inc. acted as lead arranger for the deal. This marks Recurrent Energy's seventh transaction with KeyBanc Capital Markets. 

The Gaskell West 1 project began construction in autumn of 2017 and is expected to reach commercial operation in spring of 2018. The project will deliver clean solar energy to Southern California Edison under a long-term power purchase agreement.

KeyBanc Capital Markets is a leading corporate and investment bank providing capital markets and advisory solutions to dynamic companies capitalizing on opportunities in changing industries. The company's deep industry expertise, broad capabilities and unique ideas are seamlessly delivered to companies across the Consumer & Retail, Diversified Industries, Healthcare, Industrial, Oil & Gas, Real Estate, Utilities, Power & Renewables, and Technology verticals. 

Recurrent Energy is a leading utility-scale solar project developer, delivering competitive, clean electricity to large energy buyers. Based in the U.S., Recurrent Energy is a wholly owned subsidiary of Canadian Solar, Inc. and functions as Canadian Solar's U.S. project development arm.

Founded in 2001 in Canada, Canadian Solar is one of the world's largest and foremost solar power companies. As a leading manufacturer of solar photovoltaic modules and a provider of solar energy solutions, Canadian Solar has a geographically diversified pipeline of utility-scale power projects in various stages of development. 

Dr. Shawn Qu, chairman and chief executive officer of Canadian Solar, commented:

"As we advance our solar project pipeline across the U.S., long-standing financial partners like KeyBanc Capital Markets are critical to our continued success."

Daniel Brown, managing director, KeyBanc Capital Markets Utilities, Power & Renewable Energy Group, said:

"Recurrent Energy delivers consistently high-quality solar projects, and we are pleased to take a leading role in the Gaskell West 1 project."

"This transaction underscores our continued commitment to building sustainable communities."