Recurrent Energy Secures $260 Million for Blue Moon Solar Project in Kentucky
Recurrent Energy, a subsidiary of Canadian Solar Inc., has successfully secured a substantial financing package for its latest venture, the Blue Moon Solar Project, located in Harrison County, Kentucky. This project, which boasts a power capacity of 94 megawatts (MW), has reached a significant milestone by closing financing worth $260 million, consisting of project financing and tax equity provided by U.S. Bank through its U.S. Bancorp Impact Finance division. The funding arrangement underscores U.S. Bank's commitment to supporting sustainable energy initiatives through customized financing solutions that blend equity and debt for impactful energy projects.
Under a power purchase agreement (PPA) with Constellation, a leading provider of energy solutions, the Blue Moon Solar facility will generate renewable energy and renewable energy certificates. This agreement will route power generated from the project directly to Constellation, reinforcing the demand for clean energy in the market. As construction progresses, the project is expected to reach commercial operation by 2026, paving the way for Recurrent Energy to take over ownership and operations post-energization.
The local Harrison County officials, including Judge/Executive Jason Marshall, have expressed enthusiasm and support for the investment, highlighting the expected boost in tax revenue and job creation through the project. The construction of the facility will create hundreds of jobs, significantly contributing to the local economy.
Darren Van't Hof, Managing Director at U.S. Bancorp Impact Finance, remarked on the company's role in financing projects that are crucial for environmental stewardship and societal benefit. The Blue Moon Solar Project is an important part of the broader effort to enhance the energy grid and increase local employment opportunities, as emphasized by Ismael Guerrero, CEO of Recurrent Energy. Guerrero stated that the project would play a vital role in fostering Kentucky's economic growth while also delivering environmentally friendly energy solutions.
Recurrent Energy's efforts, particularly through its Community CaRE Program, reflect a commitment to local support beyond just economic benefits; the company has engaged with local organizations, such as the Harrison Memorial Hospital Foundation, ensuring a positive community impact during and after the project development.
This project marks Recurrent Energy's first foray into Kentucky, representing a step forward in expanding their operational footprint within the United States. With a global presence in solar and energy storage project development, Recurrent Energy aims to significantly grow its portfolio while adhering to their mission of promoting renewable energy solutions. The company, part of Canadian Solar, which has been a dominant force within the renewable energy sector, continues to innovate and invest in projects that marry sustainability with economic growth.
As the demand for clean energy sources rises, initiatives like Blue Moon Solar serve not only to meet state and national energy needs but also to inspire similar projects around the world. With a robust pipeline of upcoming projects and increasing capacity for solar and energy storage, companies like Recurrent Energy are positioned at the forefront of the renewable energy revolution.
With further expansions and developments anticipated, the Blue Moon Solar Project stands as a testament to the increasing commitment towards sustainable energy solutions, making significant strides in both local and global contexts.
Under a power purchase agreement (PPA) with Constellation, a leading provider of energy solutions, the Blue Moon Solar facility will generate renewable energy and renewable energy certificates. This agreement will route power generated from the project directly to Constellation, reinforcing the demand for clean energy in the market. As construction progresses, the project is expected to reach commercial operation by 2026, paving the way for Recurrent Energy to take over ownership and operations post-energization.
The local Harrison County officials, including Judge/Executive Jason Marshall, have expressed enthusiasm and support for the investment, highlighting the expected boost in tax revenue and job creation through the project. The construction of the facility will create hundreds of jobs, significantly contributing to the local economy.
Darren Van't Hof, Managing Director at U.S. Bancorp Impact Finance, remarked on the company's role in financing projects that are crucial for environmental stewardship and societal benefit. The Blue Moon Solar Project is an important part of the broader effort to enhance the energy grid and increase local employment opportunities, as emphasized by Ismael Guerrero, CEO of Recurrent Energy. Guerrero stated that the project would play a vital role in fostering Kentucky's economic growth while also delivering environmentally friendly energy solutions.
Recurrent Energy's efforts, particularly through its Community CaRE Program, reflect a commitment to local support beyond just economic benefits; the company has engaged with local organizations, such as the Harrison Memorial Hospital Foundation, ensuring a positive community impact during and after the project development.
This project marks Recurrent Energy's first foray into Kentucky, representing a step forward in expanding their operational footprint within the United States. With a global presence in solar and energy storage project development, Recurrent Energy aims to significantly grow its portfolio while adhering to their mission of promoting renewable energy solutions. The company, part of Canadian Solar, which has been a dominant force within the renewable energy sector, continues to innovate and invest in projects that marry sustainability with economic growth.
As the demand for clean energy sources rises, initiatives like Blue Moon Solar serve not only to meet state and national energy needs but also to inspire similar projects around the world. With a robust pipeline of upcoming projects and increasing capacity for solar and energy storage, companies like Recurrent Energy are positioned at the forefront of the renewable energy revolution.
With further expansions and developments anticipated, the Blue Moon Solar Project stands as a testament to the increasing commitment towards sustainable energy solutions, making significant strides in both local and global contexts.
Topics Energy）
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