Recurrent Energy and Bank of America Close USD 103 Million Tax Credit Transfer Agreement
Recurrent Energy will continue to own and operate the project long-term.
July 01, 2024. By News Bureau
This tax equity agreement marks Recurrent Energy’s first production tax credit (PTC) transaction and first tax credit transfer transaction. By transferring tax credits to Bank of America, Recurrent Energy can access funding more quickly and efficiently.
To celebrate the commencement of operations, Recurrent Energy and Oklahoma Municipal Power Authority (OMPA), hosted a ribbon-cutting ceremony on June 26, 2024. OMPA, which serves 42 municipally-owned electric systems in Oklahoma, will purchase 100 percent of the energy produced by North Fork Solar under a 15-year agreement. Recurrent Energy will continue to own and operate the project long-term.
Karen Fang, Global Head of Sustainable Finance at Bank of America, said, “This transaction demonstrates our ability to support clients by helping build a new market for transferable tax credits. As part of our USD 1.5 trillion commitment to deploying and mobilizing sustainable finance capital by 2030, we are focused on accelerating and scaling renewable energy projects like North Folk Solar.”
Ismael Guerrero, CEO of Recurrent Energy, added, “North Fork Solar is now bolstering Oklahoma’s energy growth and resilience. We thank our many partners who supported this project from development through to operations. We are pleased to work with our partners at Bank of America to execute one of the market’s first tax credit transfer transactions.”
During its operation, North Fork Solar will contribute about USD 26 million to community services. Throughout project’s development and construction, Recurrent Energy supported local initiatives, including the Snyder 4-H and FFA, Snyder Prom, and Cyclone Educational Foundation. NORD/LB and Rabobank provided project financing for North Fork Solar.
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