Recurrent Energy has secured $513 million in financing for Arizona’s largest standalone battery storage project.
Solar and battery storage developer, owner, and operator Recurrent Energy, a subsidiary of Canadian Solar (Nasdaq: CSIQ), secured financing for its Papago Storage project in Maricopa County, Arizona.
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.
Construction of the 1,200 MWh Papago Storage is expected to start in Q3 2024 and come online in Q2 2025. The project holds a 20-year tolling agreement with electric utility Arizona Public Service Company and is expected to create 200 construction jobs.
Recurrent will own and operate Papago Storage once it’s complete. The project will dispatch enough…