Recurrent Energy closes financing for Maplewood Solar Project in Pecos County

Recurrent Energy, LLC has closed US$282 million of debt financing to construct its Maplewood and Maplewood 2 solar projects, located in Pecos County in the Permian Basin of West Texas. The financing was provided by a bank club led by Norddeutsche Landesbank (Nord/LB), which included Export Development Canada (EDC), Rabobank, National Bank of Canada (NBC), and Bayerische Landesbank (Bayern/LB).

Located in West Texas near the towns of Fort Stockton and McCamey, the Maplewood and Maplewood 2 solar projects are sited on roughly 2,200 acres. Maplewood will deliver 222 MWac/310 MWp of electricity to Anheuser-Busch under a 15-year power purchase agreement (PPA). Maplewood 2 is sited on 200 acres and will deliver 28 MWac/40 MWp to Energy Transfer under a 15-year PPA. When constructed, the projects together are expected to create 400-500 construction jobs at peak activity. Once operational by 2021, the facilities together will generate enough solar power to meet the energy needs of approximately 62,000 homes.