#United States #Arizona #Maricopa County #Canadian Solar #Recurrent Energy

Recurrent Energy Secures $825 Million in Project Financing for Arizona Plants

Recurrent Energy, a notable subsidiary of Canadian Solar Inc., has successfully finalized $825 million in both construction financing and tax equity for its ambitious Desert Bloom Storage and Papago Solar initiatives in Arizona. This substantial investment is set to bolster energy production and reliability for the Arizona Public Service (APS), which has been experiencing record energy demands in recent years.

Project Overview

The Desert Bloom Storage facility boasts a capacity of 600 MWh, while the Papago Solar plant is set to generate 150 MWac of solar power. Both facilities, currently under construction in Maricopa County, are expected to start operations in the first half of 2026.

The financing was provided by leading financial institutions such as Nord/LB, MUFG, CoBank, and Siemens Financial Services, with tax equity financing handled by Wells Fargo. This partnership exemplifies a commitment to supporting clean and dependable power solutions for local communities.

As articulated by Nord/LB’s Sondra Martinez, the financing agreement underlines the bank's dedication to backing top-tier energy projects. Martinez expressed enthusiasm in supporting such important initiatives, emphasizing the transformative impact they will have on community energy resources. Similarly, MUFG’s Fred Zelaya highlighted the project's role in providing resilient, carbon-free energy, enhancing the overall stability of Arizona's grid.

CEO of Recurrent Energy, Ismael Guerrero, remarked on APS's challenges with peak energy demands, stating that the ongoing development of dispatchable energy resources is crucial. Guerrero acknowledged APS's trust in their partnership, ensuring projects are brought online effectively to meet various community needs.

Employment and Community Impact

The construction phases of Desert Bloom and Papago projects are expected to generate substantial local employment, with hundreds of workers engaged in bringing these facilities to fruition. Furthermore, the projects promise to deliver significant local tax revenue once operational.

Recurrent Energy demonstrates a consistent commitment to the Maricopa County community, actively supporting local organizations such as Arlington Elementary School. The Desert Bloom Storage and Papago Solar initiatives form part of the company's broader strategy to enhance energy infrastructure and local partnerships. Notably, Recurrent Energy’s Papago Storage facility already commenced operations in July 2025, contributing significantly to Arizona’s energy landscape.

About Recurrent Energy

As one of the world’s foremost solar project development platforms, Recurrent Energy stands out for its geographic diversification and extensive expertise in the renewable energy sector. The company has successfully developed and connected an impressive 12 GWp of solar projects and established a pipeline totaling around 26 GWp of solar power, alongside 73 GWh of energy storage capacity globally.

Conclusion

This financing marks a significant milestone in advancing Arizona's renewable energy capabilities. Recurrent Energy, alongside its esteemed partners, is steadfastly positioned to contribute to the state’s energy resilience and economic growth through innovative infrastructure projects and sustainability initiatives. With the ongoing commitment to excellence in energy solutions, Recurrent Energy is paving the way for a greener and more reliable future in Arizona’s energy sector.