Recurrent Energy Scores $18M Financing
Recurrent Energy's 5 MW solar power system atop the Sunset Reservoir.
Distributed solar power company and PV panel maker Recurrent Energy has secured an $18 million, 24-year debt financing arranged by Prudential Capital Group. The financing supports the construction of a 5 megawatts photovoltaic power plant in San Francisco.
The facility, located in San Francisco’s Sunset Reservoir, is expected to start operating in the fall of 2010. The facility is backed by a 25-year power purchase agreement with the San Francisco Public Utilities Commission, a municipal agency that supplies power to city schools, the San Francisco International Airport and city hospitals.
Recurrent Energy is backed by private equity fund Hudson Clean Energy Partners.
In a prepared statement Ric Abel, managing director of Prudential Capital Group, said:
By providing long term debt financing, Prudential recognizes the value of the Recurrent Energy team and quality of their development process.
Photo: Recurrent Energy / BusinessWire
