Recurrent Energy, a subsidiary of Canadian Solar Inc., has closed $825 million in construction financing and tax equity for its Desert Bloom Storage and Papago Solar projects in Maricopa County, Arizona. The financing was provided by NORD/LB, MUFG, CoBank, and Siemens Financial Services, with tax equity from Wells Fargo. Desert Bloom Storage is a 600 MWh standalone battery energy storage facility, while Papago Solar is a 150 MWac solar plant. Both are part of Recurrent Energy’s partnership with Arizona Public Service - APS and are expected to begin operations in the first half of 2026. “We are excited to have supported Recurrent Energy on the landmark Desert Bloom Storage and Papago Solar financing,” said Sondra Martinez, Head of Project Finance–Origination at Nord/LB. “This transaction demonstrates Nord/LB’s commitment to financing best-in-class projects that will deliver clean, reliable power to communities. We look forward to continuing our longstanding partnership with Recurrent Energy and to providing financing solutions in a rapidly evolving market.” Fred Zelaya, Managing Director of Project Finance at MUFG, added: “Desert Bloom Storage and Papago Solar will help provide the community with reliable, carbon-free energy while enhancing the resiliency of the grid. We look forward to continuing to support Recurrent Energy’s ambitious growth in the renewable energy sector.” Dr. Ismael Guerrero Arias, CEO of Recurrent Energy, stated: “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. "Together with our long-term partners at Nord/LB, MUFG, CoBank, and Siemens Financial Services, we’re building critical infrastructure that strengthens Arizona’s grid and supports the state’s growing economy.” Primoris Services Corporation’s Renewable Energy business is serving as EPC contractor for Desert Bloom Storage, while Blattner Energy is constructing Papago Solar. https://lnkd.in/g6vmPKJm #cleanenergy
Recurrent Energy closes $825m financing for Arizona solar and storage projects
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Recurrent Energy Secures $825 Million Financing for Desert Bloom Storage and Papago Solar Projects Recurrent Energy, a subsidiary of Canadian Solar Inc. and a global developer, owner, and operator of solar and energy storage assets, announced the closing of $825 million in construction financing and tax equity for its Desert Bloom Storage and Papago Solar projects. The construction financing was provided by Nord/LB, Mitsubishi UFJ Financial Group (MUFG), CoBank, and Siemens Financial Services, while Wells Fargo provided the tax equity. Both projects are located in Maricopa County, Arizona, and are part of Recurrent Energy’s previously announced multi-project partnership with Arizona Public Service (APS). Desert Bloom Storage is a 600 MWh standalone energy storage facility, […] Read the full story here: https://lnkd.in/d8p3b9jm #solarenergy #alternativeenergy #solarpv #pvsolar #photovoltaic #cleanenergy #cleantech #climatechange #canadiansolar #cleanenergy #northamerica #recurrentenergy #renewableenergy #renewableenergy #solarenergy #unitedstates
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Senior Recruitment Consultant - Health, Safety, Environmental & Quality adam.landucci-jones@h9talentsolutions.com Mob - 07415 352 880 D.D - 0161 529 7525
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