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Recurrent Energy Secures $513 Million Financing for 1,200 MWh Papago Storage Project in Arizona

Recurrent Energy, a subsidiary of Canadian Solar Inc, has secured $513 million in project financing for its Papago Storage project in Maricopa County, Arizona. The 1,200 MWh Papago storage project is expected to begin operations in the third quarter of 2024 and commercial operations will begin in the second quarter of 2025. Once operational, the project is projected to dispatch enough power for approximately 244,000 homes for four hours a day. Recurrent Energy secured a 20-year tolling agreement with Arizona Public Service (APS) for the energy storage project, under which the utility pays for the right to charge and discharge the battery when it needs to. The financing includes a $249 million construction and term loan, a $163 million tax equity bridge loan, and a $101 million letter of credit facility.

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