Recurrent Energy has lined up $695 million for its Cobalt Solar development in Riverside County, giving one of California’s large solar projects a fresh infusion of capital as power demand keeps climbing.
When completed, the company said in a press release posted to PRNewsWire that the 330-megawatt project is expected to produce enough electricity each year for about 82,000 homes.
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The news means the Cobalt Solar facility now being built west of Blythe is targeting commercial operation by the end of next year.
Of the $695 million total, roughly $484 million comes from debt arranged by Mitsubishi UFJ Financial Group, Inc. and Nord/LB, and Wells Fargo is contributing another $211 million through a tax equity investment…