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

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

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

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.

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 20-year tolling agreement with electric utility Arizona Public Service Company and is expected to create 200 construction jobs. 

Recurrent will own and operate Papago Storage once it’s complete. The project will dispatch enough power for around 244,000 homes for four hours a day in support of renewable energy.

Ismael Guerrero, CEO of Recurrent Energy, said, “When we began developing Papago Storage in 2016, the Arizona storage market was in its infancy. Today, Arizona is one of the fastest-growing markets for energy storage in the United States, bolstered by the state’s expanding economy and cost-effective renewable energy resources.

“Today, we are thrilled to see nearly a decade of planning culminate in financing what will be the largest energy storage project in Arizona. We appreciate the continued support from our partners Nord/LB and MUFG in our shared mission to advance the clean energy transition.”

Read more: Oxford sets a new world record for solar panel efficiency

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