Recurrent Energy, a subsidiary of Canadian Solar, has completed a combined construction loan and construction letter of credit facility for the 20MWGaskell West 1 solar power project in California.
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.
"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," said Dr. Shawn Qu, chairman and chief executive officer of Canadian Solar.
"Recurrent Energy delivers consistently high-quality solar projects, and we are pleased to take a leading role in the Gaskell West 1 project," said Daniel Brown, managing director, KeyBanc Capital Markets Utilities, Power & Renewable Energy Group. "This transaction underscores our continued commitment to building sustainable communities."
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.