Recurrent Energy starts construction of Pflugerville solar park in Texas

Canadian Solar Inc wholly-owned subsidiary, Recurrent Energy, LLC, has started the construction of the 144 MWac Pflugerville Solar Project located in Travis County, Texas.

Recurrent Energy signed a Power Purchase Agreement (“PPA”) with Austin Energy in 2018 for the Pflugerville Solar Project to provide low-cost solar power to the utility’s customers for 15 years following the start of the operation.

This PPA supports Austin Energy’s renewable energy goals which commit the utility to cost-effectively reduce emissions and includes plans to exit from its coal-fired power generation by the end of 2022. Austin Energy serves more than 500,000 customers in the City of Austin, as well as several neighboring areas of Travis County and Williamson County.

To support the construction of the Pflugerville Solar Project, Recurrent Energy recently closed debt and tax equity financing totaling over US$234 million. The tax equity financing was provided by U.S. Bank and the debt financing was provided by a bank club led by CIT Bank (CIT), which included Norddeutsche Landesbank (Nord/LB), Rabobank, and Zions Bank.

The Pflugerville Solar Project is expected to create long-term permanent jobs to support the operation and maintenance of the power plant, as well as more than 350 construction jobs of which at least 50% will be performed by local workers. The project will also have a positive economic impact on the local community by providing tax revenues for Travis County and the Elgin ISD, which will total approximately US$350 million throughout the life of the project. Once operational, the Pflugerville Solar Project is expected to generate enough low-cost clean electricity to power the equivalent of approximately 25,000 Texas homes.