(Houston Public Media) A company building a 134-megawatt solar farm northeast of Houston announced this week it has closed $200 million in financing for the project, which will expand solar energy capacity in a power grid operating system that serves as a small part of Texas as well as 14 other U.S. states.
Recurrent Energy said in a Tuesday news release that its Liberty Solar project, located about 50 miles northeast of Houston in Liberty County, is expected to come online next year. The company previously announced it had secured purchasing agreements for 100 percent of the forthcoming farm’s production capacity, which will generate enough solar electricity to power roughly 20,000 homes.
Recurrent, a U.S. subsidiary of Canadian Solar, said the Liberty County project is receiving construction debt, a letter of credit facility and a term facility totaling $120 million from Rabobank, Nord LB and U.S. Bank. U.S. Bancorp Impact Finance, a subsidiary of U.S. Bank, will provide $80 million in tax equity financing, which offers tax benefits for investors.
