Recurrent Energy, a subsidiary of Canadian Solar has secured financing of $112 million for the 120 MW North Fork solar plant in Oklahoma from NordLB and Rabobank. Together with Rabobank, NordLB served as the coordinating lead and joint lead arranger for the project. Moreover, the Oklahoma Municipal Power Authority will buy the solar plant’s power under a 15 year contract. 42 municipally owned electric systems in the state are served by OMPA.
This will be the first solar energy transaction for the utility. The solar plant will be situated on 1,200 acres of land in Kiowa County. During the project’s construction, 250 temporary local and 3 permanent jobs will each be created. The solar power plant will start producing clean energy in June 2024 and the power generated will be supplied to 35,000 homes per year.
In May 2023, Enel North America selected Inola, Oklahoma, as the site for its proposed solar photovoltaic (PV) cell and panel production facility. The manufacturing plant, which was more than two million square feet in size, had a 3 GW annual production capacity by 2025. The facility’s construction was scheduled to start in the autumn of 2023. Over 1,800 jobs were anticipated to be created throughout the project’s construction phase, which will require an expenditure of more than $1 billion.