- Recurrent Energy’s Liberty Solar, a 100MW facility in Texas, is complete.
- Autodesk and Wayfair are among the large companies signing virtual power purchase agreements
- Project will be financed using $120 million in construction debt and $80 million in tax equity
- The global portfolio of Recurrent Energy contains 11GW of solar and 3.7GWh of energy storage.
Recurrent Energy, a solar subsidiary under Canadian Solar working on renewable power, recently set up its 100 MW Liberty Solar photovoltaic project in Texas. That is the latest milestone and an important step for a company as large as that, taking a stride toward increasing its hold in the renewables industry.
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The Liberty Solar project has obtained an aggregated virtual power purchase agreement (PPA) with several well-known companies, including Autodesk, Biogen, EMD Electronics, and Wayfair. This collaborative approach underlines the growing commitment from major corporations to support renewable energy initiatives.
It received construction debt for the amount of $120 million and $80 million in tax equity funding, respectively provided by tax equity from Rabobank-Dutch bank, Nord LB investor of Germany, US Bank construction debt, and a subsidiary of US Bancorp Impact Finance.
The solar plant is in Houston, Texas, but it operates within the Midcontinent Independent System Operator grid instead of that of the Electric Reliability Council of Texas, which controls most power supply within the state.
Ismael Guerrero, CEO of Recurrent Energy, is very excited about the project too: “Liberty Solar is a great project that will add to Recurrent Energy’s project ownership in MISO. We are very excited to complete this project on time and on budget to support the renewable energy goals of our customers.”.
In Liberty Solar, the successful operations result in a global portfolio comprising 11GW of operational solar PV capacity and 3.7GWh of energy storage. Moreover, its development portfolio is very robust, with 26GW of solar PV and 56GWh of energy storage capacity.
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In the beginning of the year, the company secured $500 million in funding for its pipeline. Funding came in the form of an investment, through a partnership with asset manager BlackRock. The two tranches were funded in two separate installments. The last tranche was recently settled.
The Liberty Solar project stands out as a commercial development and marks the first success in Texas for Recurrent Energy. This company has managed to prove its commitment toward renewable energy development, especially following a major portfolio and actual current partnerships with leading firms.
