Today Recurrent Energy announced a $250M construction debt revolver from Mizuho Corporate Bank for our Ontario solar PV portfolio. The four-year revolving facility will provide support to build roughly 200MW of new solar generation over 20 project sites.
The size and nature of the financing is pretty remarkable. It's one of the largest non-recourse solar construction facilities in North America. The revolving feature enables us a great deal of efficiency and flexibility as we build the portfolio in stages.
The timing of the announcement reflects the fact we're getting ready to start construction on the first of the projects as soon as the ground thaws in 2012.
It's exciting to finally be at this stage in Ontario. Since the projects were awarded back in April of 2010, we've been working diligently to secure permits and get our supply chain in place to meet Ontario's domestic content requirements.
The timing is also good news for Recurrent Energy's business. US renewables appear headed for a rough patch with the failure of the Congress to pass critical extensions of the PTC and 1603 Treasury Grant programs before the end of the year. With several years worth of projects to build in Canada, Recurrent Energy has a solid line of work that is insulated from US policy uncertainties and should help us to ride through the political gridlock here at home.