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Canadians close Carolina PV cash

Debt and equity finance secured for 102MW NC 102 solar project 

Canadians close Carolina PV cash image

Canadian Solar subsidiary Recurrent Energy has secured finance for a 102MW photovoltaic farm in North Carolina.

Prudential Capital Group will provide a $106.7m debt facility for the NC 102 solar project, which will be located in Cabarrus county.

US Bancorp Community Development Corp (USBCDC) will make an undisclosed tax equity investment in the project under a separate agreement.

NC 102 is under construction and is expected to reach commercial operation in the third quarter of this year, Canadian Solar said.

Duke Energy Carolinas will buy electricity produced by the project under a 10-year power purchase agreement (PPA).

Canadian Solar chairman and chief executive Shawn Qu said: “Prudential Capital Group and USBCDC are widely regarded as leading investors in the energy space, and we are pleased to partner again with them to continue growing our project portfolio in the US.”

Meanwhile, Canadian Solar has achieved commercial operation at a 35MW solar farm in the Indian state of Karnataka. 

The project, which is located in the Bagalkot, is selling power to the education, healthcare, cement, and auto parts industries through 25-year PPAs. 

Image: Canadian Solar

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