Recurrent Energy hires Scotia to seek buyers for solar project portfolio

Recurrent Energy has hired Scotia Capital to help sell five solar projects across the Southeast and Midwest, said sources familiar with the situation.

The projects, with a collective 618 MWac of capacity, include two projects that are contracted and three projects under development.

The two contracted projects are the 120 MWac North Fork project in Kiowa, Oklahoma and 98 MWac Bayou Galion project in Morehouse, Louisiana. North Fork, slated for a COD in 2023, has a 15-year offtake with the Oklahoma Municipal Power Authority (OMPA), while Bayou Gallion, also slated for COD in 2023 has a 20-year offtake with 1803 Electric Cooperative.

The development projects include two in Georgia; 140 MWac Limestone and 180 MWac Sumter and one 80 MWac Enterprise in Coffee, Alabama. All three projects are forecasting a 2024 COD and are in the Southeastern Electric Reliability Council (SERC). The three development projects all have storage potential, according to the sources.

Recurrent’s parent company Canadian Solar will offer O&M and asset management services at market rates on the projects. The portfolio, though, will also transfer with Canadian Solar (CSI) module procurement contracts.

Closing is targeted for 1Q22.

Recurrent declined comment on the situation.*

*This story was originally published exclusively for NPM subscribers earlier this month.