Recurrent Energy signs module supply agreement with Celestica and secures financing from Mizuho for North American projects
On January 31, 2011, Recurrent Energy announced that it entered into an agreement with Celestica, under which Celestica agreed to supply solar modules for 19 solar power plants, representing approximately 180 MW of energy capacity, the largest solar allocation awarded under the Ontario Power Authority's (OPA) renewable energy Feed-in Tariff (FIT) program. Celestica will manufacture the solar modules for Recurrent Energy under a multi-year supply agreement at its Toronto operation. Full production is expected to be underway by summer 2011.
On December 19, 2011, Recurrent announced that it secured a four-year construction revolver credit facility of C$250 million from Mizuho Corporate Bank, which will support the construction of 20 solar photovoltaic (PV) projects throughout the province. When completed, the 20 solar developments will provide more than 200 MW of power to residents in the province. To date, the credit facility is one of the largest non-recourse solar financings for a solar PV portfolio in North America.
Recurrent Energy, headquartered in San Francisco, California, is a leading solar project developer marketing clean power to utilities and large energy users. Recurrent Energy is a U.S. subsidiary of Sharp Corporation.
Further details about the transactions is found on the Recurrent Energy's website: procurement and financing.