Recurrent Energy, Canadian Solar's Subsidiary Secured $513M In Project Financing For Papago Storage Project In Maricopa County, Arizona. Construction Of 1,200 MWh Storage Is Will Start In Q3 Of 2024, With Commercial Operations Expected To Start In Q2 2025
Portfolio Pulse from Benzinga Newsdesk
Recurrent Energy, a subsidiary of Canadian Solar, has secured $513 million in project financing for the Papago Storage Project in Maricopa County, Arizona. The 1,200 MWh storage project will begin construction in Q3 2024 and is expected to start commercial operations in Q2 2025. The project has a 20-year tolling agreement with Arizona Public Service Company and will create 200 jobs during construction.
June 20, 2024 | 11:16 am
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Canadian Solar's subsidiary, Recurrent Energy, has secured $513 million in financing for a major storage project in Arizona. This project is expected to enhance Canadian Solar's revenue streams and market position in the renewable energy sector.
The secured financing and long-term tolling agreement with Arizona Public Service Company provide a stable revenue stream and enhance Canadian Solar's market position. The creation of 200 jobs during construction also adds a positive social impact.
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