$183 million in financing has been secured! The Canadian Solar Inc. (NASDAQ: CSIQ), known as Canadian Solar, announced on March 18, 2025, that its energy subsidiary, Recurrent Energy, a global leader in solar and energy storage development and ownership, has successfully completed $183 million (approximately ¥1.322 billion) in project financing and tax equity financing for its Fort Duncan energy storage project located in Maverick County, Texas. The project is currently under construction and is expected to begin commercial operations in the summer of 2025, aimed at supporting peak electricity demand on the ERCOT grid in Texas.
The Nord/LB bank acted as the lead bank for this project financing. This financing package includes $112 million (approximately ¥809 million) in construction loans, term loans, tax equity bridge loans, and credit line facilities. Additionally, Recurrent Energy has partnered with Greenprint Capital to secure $71 million (approximately ¥512 million) in tax equity collaboration.
Ismael Guerrero, CEO of Recurrent Energy, stated, “As Texas’ economy grows and demand for electricity driven by artificial intelligence increases, power generation in the state is reaching new heights. Projects like the Fort Duncan energy storage facility can significantly enhance the reliability and resilience of the Texas grid. We sincerely thank Nord/LB and Greenprint for their support. We are pleased to contribute to the reliability of the Texas grid and the development of low-cost renewable energy, which will inject green momentum into the state’s economic development.”
The Fort Duncan storage project will provide power storage and dispatch to the Texas ERCOT grid based on market demand. During its two-hour charging and discharging cycle, the stored and delivered electricity can meet the energy needs of approximately 66,100 households. The project will be wholly owned and operated by Recurrent Energy.
The e-STORAGE system from Canadian Solar will supply the energy storage system for the Fort Duncan project, which is currently under construction by the international engineering firm Burns & McDonnell. At its peak construction phase, the project will employ 75 construction workers.
Sondra Martinez, Managing Director of Nord/LB, expressed, “We are excited to support Recurrent Energy in securing financing for the Fort Duncan project. This transaction highlights our commitment to advancing the clean energy transition through innovative financing structures. We are honored to partner with Recurrent Energy, leveraging our experience in the Texas ERCOT market and battery storage sector to complete this deal.”
Peter DeFazio, Managing Partner at Greenprint Capital, added, “The Fort Duncan storage project not only enhances grid reliability but also yields substantial financial benefits. Through tax equity financing, we are supporting innovative energy solutions that foster a more resilient and self-sufficient ERCOT grid in Texas. We are proud to collaborate with Recurrent Energy on this milestone project, which further underscores our commitment to accelerating the clean energy transition through project investments.”
