PVTIME - Recurrent Energy, a subsidiary of Canadian Solar Inc. ("Canadian Solar") (NASDAQ: CSIQ) and a global developer and owner of solar and energy storage assets, announced today that it has secured $160 million in project financing for its 127 MWdc Bayou Galion Solar project, located in Morehouse Parish in Northeast Louisiana. The project is currently under construction and is expected to be operational by fall 2024.
Microsoft Corporation will purchase 100 percent of the energy and renewable energy credits produced by Bayou Galion Solar to support its goal to be carbon negative by 2030. The project will significantly expand the amount of renewable energy capacity installed in Louisiana. At the end of September 2023, Louisiana had 145 MW of operating wind, solar, and energy storage capacity.
Mitsubishi UFJ Financial Group, Inc. (MUFG) acted as Coordinating Lead Arranger for the financing.
"MUFG is very pleased to support Recurrent Energy on this important project and to help Microsoft meet its climate objectives," said Fred Zelaya, Managing Director, Project Finance Americas at MUFG.
Recurrent Energy began development of Bayou Galion Solar in 2018 and commenced construction in December 2023. Recurrent Energy selected Primoris Renewables Energy, Inc. as its engineering, procurement, and construction partner. Once construction is completed, Recurrent Energy will own and operate the project as a part of its commitment to growing the number of renewable energy projects in its operating portfolio.
Ismael Guerrero, CEO of Recurrent Energy, said, "We are very pleased to announce the successful close of project financing and PPA signing for Bayou Galion Solar in Louisiana. This project represents an important milestone as we continue to advance our pipeline in new markets and increase project ownership. Bayou Galion Solar extends our relationship with our esteemed partners at MUFG and establishes a new relationship with Microsoft, one of the world's largest renewable energy power buyers."
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