Recurrent Energy, a subsidiary of Canadian Solar Inc, has finalized a USD 103 million (EUR 96.2m) tax credit facilitation agreement with Bank of America for its recently operational 160-MW North Fork Solar Project near Oklahoma City.
The agreement, announced today, follows a ribbon-cutting ceremony held jointly with the Oklahoma Municipal Power Authority (OMPA) to mark the commencement of operations at the solar power plant.
“This transaction marks our first production tax credit (PTC) deal and our inaugural tax credit transfer, enabling us to access funding more efficiently,” explained Recurrent Energy in their statement.
Under the terms, OMPA will purchase all electricity generated by the facility over a 15-year period, reinforcing the project’s long-term sustainability. Development of the North Fork Solar Project commenced in 2018, with expectations to contribute approximately USD 26 million to community services throughout its operational lifespan.
