Recurrent Power, a subsidiary of Canadian Photo voltaic Inc., has signed a $103 million tax credit score facilitation settlement with Financial institution of America for its North Fork Photo voltaic Undertaking – a 160 MW improvement positioned southwest of Oklahoma Metropolis.
Oklahoma Municipal Energy Authority (OMPA), which serves 42 municipally owned electrical techniques in Oklahoma, will buy 100% of the power produced by North Fork Photo voltaic beneath a 15-year settlement.
Recurrent Power will proceed to personal and function the venture long-term.
This tax fairness settlement marks Recurrent Power’s first manufacturing tax credit score (PTC) transaction and first tax credit score switch transaction.
At its peak, North People Photo voltaic employed roughly 500 development staff. Blattner offered engineering, procurement, and development providers, enlisting a number of native corporations as subcontractors.
Recurrent Power started growing North Fork Photo voltaic in 2018. NordLB and Rabobank offered venture financing. CRC-IB and Latham & Watkins suggested Recurrent Power on the tax credit score switch transaction.
