Recurrent Energy secures $160 million financing, secures Microsoft as customer for solar project
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Recurrent Energy, a subsidiary of Canadian Solar Inc., announced on February 6 that it had secured $160 million in project financing for its Bayou Galion Solar project. The 127 MWdc project in Morehouse Parish in Northeast Louisiana is expected to be operational by fall 2024.
Microsoft Corporation will purchase 100% of the energy and renewable energy credits produced by the Bayou Galion Solar project to support its goal of being carbon-negative by 2030.
Also read: EIA forecasts wind, solar to spearhead US power generation surge in the next 2 years
The project will significantly boost Louisiana’s renewable energy capacity, which stood at 145 MW (wind, solar, and energy storage capacity) by September 2023.
Recurrent Energy has chosen Primoris Renewables Energy, Inc. as its engineering, procurement, and construction partner.
After completion, Recurrent Energy will own and operate the project, furthering its commitment to expanding renewable energy projects.
Also read: Global renewable power capacity up by 50% in 2023 with China’s solar boom
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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