Recurrent Vitality, 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 Venture – a 160 MW growth situated southwest of Oklahoma Metropolis.
Oklahoma Municipal Energy Authority (OMPA), which serves 42 municipally owned electrical methods in Oklahoma, will buy 100% of the vitality produced by North Fork Photo voltaic underneath a 15-year settlement.
Recurrent Vitality will proceed to personal and function the undertaking long-term.
This tax fairness settlement marks Recurrent Vitality’s first manufacturing tax credit score (PTC) transaction and first tax credit score switch transaction.
At its peak, North Folks Photo voltaic employed roughly 500 development employees. Blattner offered engineering, procurement, and development providers, enlisting a number of native firms as subcontractors.
Recurrent Vitality started creating North Fork Photo voltaic in 2018. NordLB and Rabobank offered undertaking financing. CRC-IB and Latham & Watkins suggested Recurrent Vitality on the tax credit score switch transaction.
