Recurrent Energy seals $103M tax credit deal with Bank of America.

By Oliver Townsend Jul 8, 2024
Recurrent Energy Closes $103 Million Tax Credit Deal with Bank of America for North Fork Solar Project.pngOrginal image from: https://solarquarter.com/2024/07/08/recurrent-energy-closes-103-million-tax-credit-deal-with-bank-of-america-for-north-fork-solar-project/

Recurrent Energy, a subsidiary of Canadian Solar Inc., recently finalized a $103 million agreement with Bank of America for the North Fork Solar Project located near Oklahoma City. This 160 MW solar project is now up and running, providing a significant boost to the region’s renewable energy capacity. The Oklahoma Municipal Power Authority (OMPA) has signed a 15-year contract to purchase all the electricity generated by North Fork Solar, benefiting 42 communities in Oklahoma. Recurrent Energy will retain ownership and management of the project for the foreseeable future, marking a significant milestone in their portfolio.

Bank of America Collaboration: Accelerating Solar Energy Development

This collaboration with Bank of America represents a strategic move for Recurrent Energy, allowing them to access funding quickly by transferring tax credits. This innovative approach has enabled the swift completion of the project, creating job opportunities for approximately 500 construction workers during the peak phase. The involvement of local companies has further boosted the economic impact of the North Fork Solar Project, showcasing the benefits of renewable energy investments for local communities.

Community Benefits and Sustainable Practices

North Fork Solar is not only a significant contributor to the region’s renewable energy goals but also a supporter of local community initiatives. With an estimated $26 million allocated for community services over its lifespan, the project demonstrates a commitment to sustainability beyond energy production. During the project’s development, Recurrent Energy actively engaged with local groups like Snyder 4-H, FFA, Prom, and the Cyclone Educational Foundation, reinforcing their dedication to community involvement and social responsibility.

Strategic Insights and Future Prospects

David Osburn, General Manager of OMPA, expressed enthusiasm about the addition of a large-scale solar project to their energy mix, highlighting the diversification benefits and enhanced energy options for member cities. Karen Fang, Global Head of Sustainable Finance at Bank of America, emphasized the significance of supporting renewable energy projects like North Fork Solar as part of their broader sustainable finance commitment. Ismael Guerrero, CEO of Recurrent Energy, acknowledged the pivotal role of partners like Bank of America in driving market innovation and executing successful projects.

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