Recurrent Energy signs $103 million agreement with Bank of America for solar project
Recurrent Energy, a developer, owner, and operator of solar and energy storage assets, announced that it had completed signing a $103 million tax credit facilitation agreement with Bank of America regarding its North Fork Solar Project.
The North Fork Solar project is located in the southwest of Oklahoma City and has a capacity of 160 megawatts (MW). The plant is currently operational.
The agreement for the tax credit is Recurrent Energy’s first production tax credit (PTC) transaction and its first tax credit transfer transaction.
With the transfer of the tax credits, Recurrent Energy will now possess faster and quicker access to funding.
Also read: Recurrent Energy secures $513 million for Arizona energy storage project
Karen Fang, Global Head of Sustainable Finance at Bank of America, remarked, “This transaction demonstrates our ability to support clients by helping build a new market for transferable tax credits.”
She added, “As part of our $1.5 trillion commitment to deploying and mobilizing sustainable finance capital by 2030, we are focused on accelerating and scaling renewable energy projects like North Folk Solar.”
Also read: Recurrent Energy secures $160 million financing, secures Microsoft as customer for solar project
The energy produced by the North Folk Solar Project will be entirely purchased by the Oklahoma Municipal Power Authority (OMPA) which provides power to 42 municipally owned electric systems in the state.
The OMPA and Recurrent Energy have signed a 15-year agreement for the power generated by the solar project. Recurrent Energy will continue to own and operate the solar project.
The announcement mentions that North Fork Solar will contribute nearly $26 million to community services when the plant is online.
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