{"id":252874,"date":"2024-06-20T21:34:07","date_gmt":"2024-06-20T21:34:07","guid":{"rendered":"https:\/\/news.republicofgreen.com\/arizonas-largest-battery-storage-project-clinches-513m-in-financing\/"},"modified":"2024-06-20T22:20:31","modified_gmt":"2024-06-20T22:20:31","slug":"arizonas-largest-battery-storage-project-clinches-513m-in-financing","status":"publish","type":"post","link":"https:\/\/news.republicofgreen.com\/arizonas-largest-battery-storage-project-clinches-513m-in-financing\/","title":{"rendered":"Arizona’s largest battery storage project clinches $513M in financing"},"content":{"rendered":"
Recurrent Energy has secured $513 million in financing for Arizona\u2019s largest standalone battery storage project.<\/p>\n
<\/p>\n Solar and battery storage developer, owner, and operator Recurrent Energy, a subsidiary of\u00a0Canadian Solar\u00a0(Nasdaq: CSIQ), secured financing for its Papago Storage project in Maricopa County, Arizona. <\/p>\n 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.<\/p>\n 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\u00a020-year tolling agreement\u00a0with electric utility Arizona Public Service Company and is expected to create 200 construction jobs.\u00a0<\/p>\n Recurrent will own and operate Papago Storage once it\u2019s complete. The project will dispatch enough…<\/p>\n<\/div>\n