Canadian Solar subsidiary Recurrent Energy has signed its deal to sell 51 percent stake in the 157.5 megawatt Roserock solar photovoltaic project, which is under construction in Texas, to Southern Power.
Canadian Solar will retain 49 percent stake in the Roserock solar PV project.
Southern Power also holds a controlling stake in the Tranquillity solar facility in California, while the balance is with Canadian Solar.
The Roserock solar project is expected to generate enough energy to power more than 30,000 homes in Texas. The electricity from the solar power plant will be delivered to Austin Energy as per a 20-year power purchase agreement (PPA).
Shawn Qu, chairman and CEO of Canadian Solar, said: “The Roserock project and Recurrent Energy’s solar project pipeline in the state are each important steps forward as Texas approaches the more than 13 GW of solar that have been forecasted across the state.”
The company is developing the Roserock solar project on 1,300 acres in Pecos County in West Texas, utilizing approximately 700,000 Canadian Solar CS6X-P PV solar modules.
McCarthy Building Companies serves as the provider of engineering, procurement, and construction services for the project, which is estimated to create 500 local construction jobs. The facility layout was developed in cooperation with mineral operator Apache Corporation.
Meanwhile, Canadian Solar has closed on a construction and term debt facility for $275 million. KeyBank is the Coordinating Lead Arranger. Five banks, including Rabobank, Santander, NORD/LB, and CIT will provide project-level construction debt, LC facilities and a back-leveraged term facility.
Rajani Baburajan
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