Canadian Solar subsidiary Recurrent Energy has achieved financial close of $825 million in construction financing and tax equity for its US solar and storage assets in Arizona.
While Desert Bloom Storage with 600 MWh is a standalone energy storage facility, Papago Solar is a 150 MW AC solar power plant. Both are located in Arizona’s Maricopa County. EPCs Primoris Services Corporation and Blattner Energy are at the job, respectively. The company targets H1 2026 as the commercial operation date for the facilities.
These facilities are part of a multi-project partnership between Recurrent Energy and Arizona Public Service (APS), announced in 2024.
Recurrent raised the financing from Nord/LB, Mitsubishi UFJ Financial Group, Inc. (MUFG), CoBank, and Siemens Financial Services. Wells Fargo pitched in with tax equity.
“For the third consecutive year, APS set a new peak energy demand record this summer. We’re proud to continue supporting APS with dispatchable energy resources that enhance reliability and meet the needs of their growing customer base,” said Recurrent Energy CEO Ismael Guerrero.
Recurrent Energy’s parent, Canadian Solar, is reportedly looking to sell this solar and storage independent power producer (IPP). According to Infralogic, Australian green energy and metals company Fortescue is in talks to buy the US-based company that’s backed by BlackRock (see Recurrent Energy Lands $500 Million Equity Commitment).
According to Canadian Solar, Recurrent Energy has developed, built, and connected 11 GW of solar and more than 3 GWh of battery storage projects across 6 continents. As of December 2024, its project development pipeline includes over 25 GW of solar and 75 GWh of storage capacity.
