Solar developer Recurrent Energy has secured US$160 million in project financing for its 127MW PV project in Louisiana, US.
A power purchase agreement for the entirety of the Bayou Galion Solar project has also been signed with technology giant Microsoft, while Japanese financial group Mitsubishi UFJ Financial Group acted as coordinated lead arranger for the financing of the plant.
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Development of the project started in 2018, with construction initiated in December 2023 and is expected to be operational by fall 2024. The company partnered with speciality contracting company Primoris for the engineering, procurement, and construction of the plant.
Recurrent Energy’s project represents nearly half of the current installed solar capacity in the southern US state of Louisiana, which had 315MW of solar PV as of the third quarter of 2023, according to data from trade body the Solar Energy Industries Association (SEIA). Preliminary data from SEIA expects the state to add more than 600MW in 2023, almost entirely from utility-scale, while nearly 3GW will be added in the coming five years.
Ismael Guerrero, CEO at Recurrent Energy, said: “This project represents an important milestone as we continue to advance our pipeline in new markets and increase project ownership.”
Recurrent Energy is a subsidiary of solar manufacturer Canadian Solar, with asset manager Blackrock acquiring a 20% minority ownership earlier this year, after a US$500 million equity investment.
The next edition of our journal, PV Tech Power, will feature a look at the MISO territory as solar activity continues to grow across the 15 states it covers. PV Tech Power 38 is due later this month. Premium subscribers have access to our previous editions here.