$97M in financing for North Carolina power project

WCN Editorial Team 27 Apr 2017 NORTH AMERICA ENERGY & UTILITIES

Canadian Solar has secured $97M in debt financing from Prudential Capital Group for its 92MWp IS-42 solar power project near Fayetteville, North Carolina.

Under a separate agreement, the company has obtained a tax equity investment commitment from U.S. Bancorp Community Development (USBCDC), a division of U.S. Bank.

The solar project, currently under construction, will cover an area of nearly 450 acres in the Bladen and Cumberland counties of North Carolina.

Shawn Qu, Canadian Solar chairman and CEO, said: “This agreement with leading financial institutions such as Prudential Capital Group and U.S. Bank demonstrates the quality of the solar projects which Canadian Solar is developing in the U.S.

"We are glad to further strengthen our partnership with Prudential Capital Group and USBCDC with this large project and support the growth of the solar industry in the country."

USBCDC vice president, Adam Altenhofen, added: “Canadian Solar is bringing an important piece of the renewable energy framework to North Carolina with this project.

“The estimated 509 construction jobs plus the permanent positions it will create are important factors for economic development in the state along with providing a clean source of renewable energy for residents.”

The project is expected to start commercial operations in the third quarter of 2017, and will have the capacity to power about 11,750 households in the state. The project has already a long-term power purchase agreement with Duke Energy Progress.

* Data provided by Timetric's Construction Intelligence Center.

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