Arizona’s largest battery storage project clinches $513M in financing

Recurrent Vitality has secured $513 million in financing for Arizona’s largest standalone battery storage undertaking.

Photo voltaic and battery storage developer, proprietor, and operator Recurrent Energy, a subsidiary of Canadian Solar (Nasdaq: CSIQ), secured financing for its Papago Storage undertaking in Maricopa County, Arizona.

The financing features a $249 million building and time period mortgage, a $163 million tax fairness bridge mortgage, and a $101 million letter of credit score facility.

Building of the 1,200 MWh Papago Storage is predicted to begin in Q3 2024 and are available on-line in Q2 2025. The undertaking holds a 20-year tolling agreement with electrical utility Arizona Public Service Firm and is predicted to create 200 building jobs. 

Recurrent will personal and function Papago Storage as soon as it’s full. The undertaking will dispatch sufficient energy for round 244,000 houses for 4 hours a day in assist of renewable power.

Ismael Guerrero, CEO of Recurrent Vitality, stated, “Once we started creating Papago Storage in 2016, the Arizona storage market was in its infancy. At the moment, Arizona is among the fastest-growing markets for power storage in the USA, bolstered by the state’s increasing economic system and cost-effective renewable power sources.

“At the moment, we’re thrilled to see almost a decade of planning culminate in financing what would be the largest power storage undertaking in Arizona. We respect the continued assist from our companions Nord/LB and MUFG in our shared mission to advance the clear power transition.”

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