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Recurrent Energy closes financing for NC solar farm

Canadian Solar Inc. subsidiary Recurrent Energy LLC secured financing and tax equity investment for its under-construction 74.8-MW alternating current McBride Place solar project in Cabarrus County, N.C.

Prudential Capital Group will provide a $106.7 million debt facility for the project, including a tax equity bridge loan, term loan and revolving loan. U.S. Bank division U.S. Bancorp Community Development Corp. will make a tax equity investment under a separate agreement.

The project will deliver power to Duke Energy Corp. subsidiary Duke Energy Carolinas LLC under a 10-year power purchase agreement upon achieving commercial operation in the third quarter, according to a May 15 release.

U.S. Bancorp Community Development and Prudential Capital Group have previously financed Recurrent Energy's projects in California and North Carolina.

Separately, Canadian Solar announced May 15 that it began commercial operations of a 35 MW-peak commercial and industrial solar portfolio in India in March.

The project is expected to generate approximately 54,000 MWh of electricity annually. This project provides renewable power to off-takers from the education, healthcare, cement and auto parts industries through 25-year power purchase agreements.

Additionally, the company said it completed its financing of $16 million for the commercial and industrial portfolio with Tata Cleantech Capital Ltd