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Recurrent Energy Secures $513 Million for 1,200-MWh Energy Storage Project in Arizona, Construction Starts Q3 2024

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.

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