Arizona’s largest battery storage project secures USD 513 million finance
Electric Vehicle Battery Design
Recurrent Energy, a subsidiary of Canadian Solar, has achieved a significant milestone by securing USD 513 million in financing for what will become Arizona's largest standalone battery storage project. This financial package is composed of a USD 249 million construction and term loan, a USD 163 million tax equity bridge loan, and a USD 101 million letter of credit facility.
The project, named Papago Storage, will be located in Maricopa County, Arizona. With a capacity of 1,200 MWh, it's set to be a substantial addition to the state's energy infrastructure. Construction is scheduled to begin in the third quarter of 2024, with the project expected to come online in the second quarter of 2025.
Papago Storage has already secured a 20-year tolling agreement with Arizona Public Service Company, a major electric utility in the state. This long-term contract underscores the project's importance to Arizona's energy future. The construction phase is anticipated to create approximately 200 jobs, providing a boost to the local economy.
Once completed, Recurrent Energy will both own and operate the Papago Storage facility. The project is designed to provide enough power for around 244,000 homes for four hours each day, playing a crucial role in supporting renewable energy integration into the grid.
Ismael Guerrero, CEO of Recurrent Energy, reflected on the project's journey, noting that when development began in 2016, Arizona's storage market was just emerging. Today, Arizona has become one of the fastest-growing markets for energy storage in the United States, driven by the state's expanding economy and the increasing cost-effectiveness of renewable energy resources.
Guerrero expressed enthusiasm about seeing nearly a decade of planning culminate in this financing deal for what will be Arizona's largest energy storage project. He also acknowledged the continued support from financial partners Nord/LB and MUFG in their shared goal of advancing the clean energy transition.
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This project represents a significant step forward in Arizona's energy landscape, highlighting the growing importance of large-scale energy storage in supporting the integration of renewable energy sources and ensuring grid stability.