Core Insights - Recurrent Energy has secured $825 million in construction financing and tax equity for its Desert Bloom Storage and Papago Solar projects, which are part of a partnership with Arizona Public Service (APS) to meet increasing power demands [1][2][3] Project Details - Desert Bloom Storage is a 600 MWh standalone energy storage facility, while Papago Solar is a 150 MWac solar power plant, both located in Maricopa County and expected to begin operations in the first half of 2026 [2] - The projects are designed to enhance the reliability of energy supply and support APS's growing customer base, which has set new peak energy demand records for three consecutive years [3][4] Financial and Operational Support - The financing was provided by Nord/LB, MUFG, CoBank, Siemens Financial Services, and tax equity from Wells Fargo, indicating strong institutional support for renewable energy projects [1][3] - Primoris Services Corporation and Blattner Energy are responsible for the engineering, procurement, and construction of the respective projects, employing hundreds of construction workers [3][4] Company Background - Recurrent Energy, a subsidiary of Canadian Solar Inc., has developed, built, and connected 12 GWp of solar projects and 6 GWh of energy storage projects globally, with a pipeline of approximately 26 GWp of solar power and 73 GWh of energy storage capacity [5] - Canadian Solar is recognized as one of the largest solar technology and renewable energy companies, having delivered nearly 165 GW of solar photovoltaic modules globally [6][7]

Core Viewpoint - Recurrent Energy, a subsidiary of Canadian Solar, has successfully launched the 1,200 MWh Papago Storage facility in Arizona, which is now operational and supplying energy to Arizona Public Service (APS) to meet increasing summer electricity demand [1][2]. Group 1: Project Details - The Papago Storage project is the first of three projects with APS, collectively providing 1,800 MWh of battery storage capacity and 150 MWac of solar generation [2]. - Once all three projects are operational, they will supply enough electricity to power approximately 72,000 homes for four hours and provide solar generation capacity for around 24,000 homes annually [2]. Group 2: Community and Economic Impact - The project enhances grid reliability and contributes to local community support through tax revenues and donations to local entities such as the Harquahala Fire District and Arlington Elementary School [3]. - Arizona's leadership acknowledges the project's significance in addressing growing energy demands and diversifying the state's energy resources [3]. Group 3: Company Background - Recurrent Energy is recognized as one of the largest and most geographically diversified platforms for utility-scale solar and energy storage project development, with a global pipeline of approximately 25 GWp of solar power and over 69 GWh of energy storage capacity as of March 31, 2025 [5]. - Canadian Solar, founded in 2001, is a leading manufacturer of solar photovoltaic modules and has delivered nearly 157 GW of solar modules globally, with a significant backlog in battery energy storage solutions [6][7].