Recurrent Energy, a renowned global developer and owner of solar and energy storage assets, has recently announced the successful closure of project financing for its Liberty Solar project. Located in Liberty County, Texas, this 134 MW (100 MW AC) solar venture is set to boost the solar energy capacity in the region, aiming to address the rising demand for renewable energy solutions.

Financing Arrangements:
In an endeavor to bring the Liberty Solar project to fruition, Recurrent Energy collaborated with esteemed financial institutions and secured a comprehensive financing package. Acting as the coordinating lead arranger and joint lead arranger, Rabobank played a pivotal role in the project’s financing. Nord LB and U.S. Bank also acted as joint lead arrangers to facilitate the necessary financial support.

Under this arrangement, Rabobank, Nord LB, and U.S. Bank will collectively provide construction debt, a letter of credit facility, and a term facility, amounting to a total of $120 million. Furthermore, U.S. Bancorp Impact Finance, a subsidiary of U.S. Bank, will contribute $80 million in tax equity, further solidifying the financial backing for the Liberty Solar project.

Project Scope and Implications:
The Liberty Solar project is currently under construction and is expected to commence operation by 2024. Upon completion, it will significantly augment the solar energy capacity in the Midcontinent Independent System Operator (MISO) region. This is a notable development considering that solar energy presently accounts for only 1% of the resource mix in MISO. By enhancing solar energy availability in Liberty County and the Houston vicinity, the project aims to contribute to a greener and more sustainable future.

Disclaimer: The information provided in this research report is for informational purposes only and should not be interpreted as financial or investment advice. The energy market is highly volatile, and readers should conduct thorough research before making any investment decisions.