Recurrent Energy, a subsidiary of Canadian Solar Inc., announced a $103 million tax credit transfer agreement with Bank of America for its North Fork Solar Project. Located southwest of Oklahoma City, this 160 MW solar energy project is now operational.
Solar Energy Investment and Community Impact
Recurrent Energy and the Oklahoma Municipal Power Authority (OMPA) celebrated the project’s launch with a ribbon-cutting ceremony on June 26, 2024. Under a 15-year agreement, OMPA will purchase 100% of the energy produced. Recurrent Energy will retain ownership and operational responsibilities.
This agreement marks Recurrent Energy’s first production tax credit (PTC) transaction and its first tax credit transfer. Transferring tax credits to Bank of America enables faster and more efficient funding access. At its peak, North Fork Solar employed approximately 500 construction workers, with engineering, procurement, and construction services provided by Blattner.
Green Energy Policies and Community Benefits
During its operation, North Fork Solar will contribute about $26 million to community services. Recurrent Energy supported local initiatives, including Snyder 4-H and FFA, Snyder Prom, and Cyclone Educational Foundation, during the project’s development and construction. NordLB and Rabobank provided project financing, while CRC-IB and Latham & Watkins advised on the tax credit transfer transaction.
David Osburn, OMPA General Manager, expressed excitement about the new addition to their resource mix, stating, “This solar project will diversify our energy sources and provide more options for our member cities.”
Bank of America’s Role in Solar Energy Investment
Karen Fang, Global Head of Sustainable Finance at Bank of America, highlighted the transaction’s significance: “This deal supports our clients and helps build a new market for transferable tax credits. It’s part of our $1.5 trillion commitment to sustainable finance by 2030.”
Ismael Guerrero, CEO of Recurrent Energy, emphasized the project’s impact on Oklahoma’s energy growth and resilience, thanking partners for their support.
About Recurrent Energy and Canadian Solar
Recurrent Energy is a leading global developer, owner, and operator of solar and energy storage assets. Canadian Solar Inc., founded in 2001, is one of the world’s largest solar technology and renewable energy companies. The company has delivered over 125 GW of solar photovoltaic modules and developed over 10 GWp of solar power projects and 3.3 GWh of battery energy storage projects globally.
Recurrent Energy’s North Fork Solar Project represents a significant milestone in the solar energy market, showcasing advancements in solar technology and green energy policies. This investment highlights the growing importance of renewable energy and its potential to drive economic and environmental benefits.
Source：taiwannews.com.tw
