Majority Stake in Rosamond Solar Project Sold

A California alternative energy company has sold off 51 percent of its stake in a 2,000 acre solar farm currently being built in the Antelope Valley near Rosamond. Recurrent Energy, in San Francisco, signed an agreement earlier this month to sell a controlling interest in the Garland solar power project to Southern Power, an Atlanta-based wholesale energy provider. Recurrent is a subsidiary of Canadian Solar Inc., in Ontario, Canada. Currently under construction on the Los Angeles and Kern counties border, the Garland project is being financed by a $480 million combined construction and term debt facility through a syndicate of five banks. Recurrent and Southern Power had previously partnered on two other solar projects, one in California and the other in Texas. “Southern Power’s commitment to renewables underscores the important role of solar and is a clear indicator that our large-scale solar facilities are attractive assets,” Canadian Solar Chief Executive Shawn Qu said in a prepared statement. When completed, the Garland project will generate 200 megawatts of power through photovoltaic solar modules that can meet the energy needs of 45,000 homes. The project is expected to create up to 300 construction jobs and go online in the fourth quarter of next year. The electricity generated by the facility will be sold to Southern California Edison under long-term power purchase agreements.