San Francisco, December 19, 2011 — Recurrent Energy, a leading North American solar project developer, announced that it has secured a four-year construction revolver credit facility of $250 million from Mizuho Corporate Bank.
The facility will support the construction of 20 solarphotovoltaic projects throughout the province of Ontario, Canada. The credit facility is one of the largest non-recourse solar financings for a solar PV portfolio in North America.
With this financing, Recurrent Energy will begin construction on the first phase of solar developments in Ontario. When completed, the 20 solar developments will provide more than 200 MW of power to residents in the province.
The projects are all under the Ontario Power Authority's feed-in tariff program, which provides long-term contracts for energy generated from renewable sources such as solar.
Mizuho Corporate Bank was the lead arranger and administration agent for this financing agreement.