Recurrent Energy Finalizes $160M Financing, Microsoft Partners for 127 MW Solar Project in Louisiana

Recurrent Energy, a subsidiary of Canadian Solar Inc., has secured $160 million in financing for its 127 MWdc Bayou Galion Solar project in Louisiana, aiming for operational status by fall 2024.

Microsoft Corporation will purchase the energy and renewable energy credits generated by Bayou Galion Solar to strengthen its carbon-negative ambition by 2030, significantly expanding Louisiana’s renewable energy capacity.

Mitsubishi UFJ Financial Group, Inc. (MUFG)is the Coordinating Lead Arranger for the project financing. Recurrent Energy started the development of the project in 2018 and construction in December 2023. It has partnered with Primoris Renewables Energy, Inc. for engineering, procurement, and construction. Once completed, Recurrent Energy will own and operate the project as part of its renewable energy portfolio growth strategy.

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.”

“MUFG is very pleased to support Recurrent Energy on this important project and to help Microsoft meet its climate objectives,” added Fred Zelaya, Managing Director, Project Finance Americas at MUFG.