Recurrent Energy, a unit of Canadian Solar Inc (NASDAQ:CSIQ), has secured $513 million in project financing for the deployment of a 1,200-MWh energy storage site in Arizona. The Papago Storage facility in Maricopa County will be capable of sending enough electricity to power about 244,000 homes for four hours a day. Construction will begin in Q3 2024 and commissioning in Q2 2025. Recurrent will own and operate the facility. The financing was arranged by a bank syndicate led by MUFG and Nord/LB, with joint lead arrangers including Bank of America, CoBank, DNB, Rabobank, Siemens and Zions.

Solar Dominates US Energy Capacity Growth
The Federal Energy Regulatory Commission (FERC) has published data showing that solar accounted for over 75% of US electrical generating







