Recurrent Energy, a subsidiary of Canadian Solar Inc.has announced that it has signed a $103 million tax credit facilitation agreement with Bank of America for its North Fork Solar Project (“North Fork Solar”). The 160 MW solar project, located southwest of Oklahoma City, is now operational.
To mark the start of operations, Recurrent Energy and the Oklahoma Municipal Power Authority (“OMPA”) hosted a ribbon-cutting ceremony on June 26, 2024. OMPA, which serves 42 municipally-owned electric systems in Oklahoma, will purchase 100% of the energy produced by North Fork Solar under a 15-year agreement. Recurrent Energy will continue to own and operate the project long-term.
This tax equity agreement represents Recurrent Energy’s first production tax credit (PTC) transaction and first tax credit transfer transaction. By transferring tax credits to Bank of…
