In addition to the tax equity investment from GE, Recurrent also closed a $260m debt facility for the Astoria project from a five member bank club including Santander Bank, NORD/LB, Rabobank, Key Bank, and CIT Bank.
Santander Bank project finance head Jorge Camina said: "The Astoria solar project, Santander’s fourth financing of a Recurrent Energy plant in the U.S. this year, is another milestone in our fruitful cooperation to build renewable energy projects.
"This is another example of our commitment to support projects that are good for the environment and create jobs to help stimulate the economy."
Construction on the Astoria solar power project in California is currently underway.
The project will employ 46 units of 1500V inverters from GE.
Expected to become operational in the fourth quarter of 2016, Astoria will generate clean electricity that will be enough to power close to 33,250 homes.
The electricity and associated renewable energy credits from the facility will be sold under power purchase agreements.
GE Energy Financial Services renewable energy managing director and head Kevin Walsh said: "We are pleased to invest in our first solar project alongside Recurrent Energy and Canadian Solar and to support a world class solar project employing technology supplied by GE Power Conversion."
The Astoria project is half of a two project portfolio totaling 175MW. The Astoria 2 solar project is expected to close financing by the end of this year.
In addition to Astoria, Recurrent is constructing three other projects in California totaling 360MW.
Canadian Solar has committed over $2bn in 2GW of solar power projects worldwide and continues to invest $1bn annually.
