Recurrent Energy Secures $183 Million in Project Financing and Tax Equity for Merchant Storage Project in Texas

Core Insights - Recurrent Energy has secured project financing and tax equity for the Fort Duncan Storage project, a 200 MWh energy storage facility in Texas, expected to be operational by Summer 2025 to meet ERCOT's peak power demand [1][2] Financing Details - The total financing for the project amounts to $112 million, which includes a construction and term loan, a tax equity bridge loan, and a letter of credit facility, led by Nord/LB [2] - Recurrent Energy has also entered into a$71 million tax equity partnership with Greenprint Capital [2] Project Impact - The Fort Duncan Storage project will enhance the reliability and resilience of the Texas grid, supporting economic growth and increasing demand for energy [3] - The project will operate on a merchant basis, capable of serving up to 66,100 households during a two-hour power dispatch cycle [3] Employment and Construction - The construction of Fort Duncan Storage is being carried out by Burns & McDonnell, employing 75 workers at peak construction [4] Company Background - Recurrent Energy, a subsidiary of Canadian Solar Inc., is a leading developer and operator of solar and energy storage projects, with a project development pipeline of over 27 GWp of solar and 68 GWh of energy storage capacity [5] - Canadian Solar Inc. is recognized as one of the largest solar technology companies globally, having delivered around 142 GW of solar photovoltaic modules and developed approximately 11 GWp of solar projects and 3.7 GWh of energy storage projects [8]