| Work Detail |
Recurrent Energy, part of Canadian Solar Inc., has made a $103 million deal with Bank of America for its North Fork Solar Project near Oklahoma City. The 160 MW solar project is now operational.OMPA, which supplies electricity to 42 communities in Oklahoma, will buy all the energy from North Fork Solar under a 15-year agreement. Recurrent Energy will continue to manage and own the project for the long term.
This deal with Bank of America is the first time Recurrent Energy has transferred tax credits, allowing it to get funding faster. At its peak, the project provided jobs for about 500 construction workers, with several local companies involved.
North Fork Solar will contribute around $26 million to local community services over its lifetime. During the project’s development, Recurrent Energy supported local groups like Snyder 4-H and FFA, Snyder Prom, and the Cyclone Educational Foundation.
David Osburn, OMPA General Manager, said, “OMPA is excited to add the first large-scale solar project to our resource mix. This addition will further diversify our energy sources and provide our member cities with more energy options to offer their customers. We look forward to maintaining a long-term relationship with Recurrent Energy.”
Karen Fang, Global Head of Sustainable Finance at Bank of America, added, “This transaction demonstrates our ability to support clients by helping build a new market for transferable tax credits. 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.”
Ismael Guerrero, CEO of Recurrent Energy, added, “North Fork Solar is now bolstering Oklahoma’s energy growth and resilience. We thank our many partners who supported this project from development through to operations. We are pleased to work with our partners at Bank of America to execute one of the market’s first tax credit transfer transactions.” |
