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Recurrent Energy completes sale of interest in 71-MW NC solar project

Recurrent Energy LLC has closed the sale of 99% of its indirect controlling interests in the 71-MW Innovative Solar 42 power plant to Falck Renewables S.p.A., the company announced in a Dec. 4 news release.

The Canadian Solar Inc. subsidiary sold the class B membership interest in the project to Falck Renewables IS 42 LLC for an all-cash outlay of approximately $43 million. In April, the project secured debt and tax equity financing through Prudential Capital Group and U.S. Bancorp Community Development Corp. The Federal Energy Regulatory Commission approved the transaction Nov. 8.

The facility is located in Cumberland and Bladen counties, N.C. It achieved commercial operations in September and now sells output to Duke Energy Corp. utility Duke Energy Progress LLC under a 10-year power purchase agreement.