Canadian Solar Unit Gets $165 Million From Santander for Mustang

  • Recurrent Energy building Mustang solar farm in California
  • Mustang will produce up to 100 megawatts of solar in late 2016

Canadian Solar Inc. arranged $165 million in financing for a 100-megawatt power plant in central California.

Banco Santander SA is providing construction lending, a tax equity bridge loan and a term loan option for the Mustang solar farm in Kings County, Guelph, Ontario-based Canadian Solar said in a statement Tuesday. A unit of US Bancorp agreed to buy the U.S. tax credits associated with the project.

Recurrent Energy, a San Francisco-based developer acquired by Canadian Solar in March for $265 million, will own and operate the plant, which is expected to be complete in the fourth quarter of 2016.

Blattner Energy is building the project. Canadian Solar plans to sell the output and related U.S. tax credits under long term contracts. The solar field will generate enough electricity to supply about 28,000 homes, the company said.

— With assistance by Chris Martin

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