Recurrent Energy Secures $825 Million Financing for Arizona Projects

Recurrent Energy, a subsidiary of Canadian Solar Inc., has closed $825 million in construction financing and tax equity for its Desert Bloom Storage and Papago Solar facilities in Arizona. The financing was provided by Nord/LB, Mitsubishi UFJ Financial Group (MUFG), CoBank, and Siemens Financial Services, with tax equity from Wells Fargo. Desert Bloom Storage is a 600 MWh standalone energy storage facility, while Papago Solar is a 150 MWac solar power plant. Both projects are part of a multi-project partnership with Arizona Public Service (APS) and are expected to begin operations in the first half of 2026. The projects will support APS's record power needs and enhance grid reliability. Recurrent Energy has a significant global pipeline of solar and energy storage projects, with 26 GWp of solar power and 73 GWh of energy storage capacity as of June 30, 2025.