08:43 AM EDT, 06/27/2024 (MT Newswires) -- Recurrent Energy, a subsidiary of Canadian Solar ( CSIQ ) , said Thursday it signed a $103 million tax credit facilitation agreement with Bank of America ( BAC ) for its North Fork Solar Project in Oklahoma.

"This tax equity agreement marks Recurrent Energy's first production tax credit transaction and first tax credit transfer transaction," the company said, adding that the deal would allow quicker access to funding.

The 160 MW North Folk Project is now operational after a ribbon cutting ceremony on Wednesday, Recurrent Energy said.

The Oklahoma Municipal Power Authority will purchase 100% of the project's produced energy under a 15-year agreement, while Recurrent Energy will continue to own and operate the project for the long term, according to the company.