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Canadian Solar wins largest energy storage order in a U.S. state

published: 2024-06-24 17:54

Canadian Solar released news on June 20, 2024, announcing that its subsidiary, Recurrent Energy, a leading global developer and owner of photovoltaic and energy storage power stations, has successfully raised $513 million (about RMB 3.725 billion) for its 1,200-megawatt-hour Papago energy storage project in Maricopa County, Arizona. The project is expected to start construction in the third quarter of 2024 and is scheduled to be put into commercial operation in the second quarter of 2025.

As the largest energy storage project in Arizona, the Papago Energy Storage Project has signed a 20-year tolling agreement with the Arizona Public Service Company and is expected to create 200 local jobs during construction.

Once completed, the Papago energy storage project will be wholly owned and operated by Recurrent Energy. The project is expected to provide four hours of electricity to approximately 244,000 households per day, further promoting the use of renewable energy in Arizona's economic development.

In this financing, Mitsubishi UFJ Financial Group (MUFG) and Nord/LB served as coordinating lead banks. The financing includes $249 million in construction and term loans, $163 million in tax equity bridge loans, and $101 million in letter of credit financing. The joint lead banks involved in this transaction include Bank of America, CoBank, DNB, Rabobank, Siemens, and Zions.


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