Recurrent Energy Secures $183 Million in Project Financing and Tax Equity for Merchant Storage Project in Texas

200 MWh Fort Duncan Storage is under construction and is expected to be operational by Summer 2025 to support ERCOT's peak power demand

KITCHENER, ON, March 18, 2025 /PRNewswire/ -- Recurrent Energy, a subsidiary of Canadian Solar Inc. ("Canadian Solar") (NASDAQ: CSIQ) and a global developer, owner, and operator of solar and energy storage assets, announced today that it has closed project financing and tax equity for its Fort Duncan Storage project. The 200 MWh storage project, located in Maverick County, Texas, is currently under construction and is expected to be commercially operational by summer 2025 to support ERCOT's peak power demand.  

Nord/LB led the project financing, which includes a construction and term loan, a tax equity bridge loan, and a letter of credit facility totaling $112 million. Recurrent Energy also executed a $71 million tax equity partnership with Greenprint Capital.

Ismael Guerrero, CEO of Recurrent Energy, said, "As Texas adds record amounts of generation to support economic growth and AI-driven demand, energy infrastructure projects like Fort Duncan Storage are making the Texas grid more reliable and resilient. Thank you to our partners at Nord/LB and Greenprint for their innovative partnership on these transactions. We are pleased to support the growing Texas economy with infrastructure that improves reliability and supports the use of low-cost renewable energy."

Sondra Martinez, Managing Director, said, "Nord/LB is excited to have supported Recurrent Energy on the Fort Duncan financing. This transaction highlights the longstanding relationship between our firms and our ability to work together on creative financing structures to advance our shared commitment to the clean energy transition. Nord/LB is proud to be a trusted partner, leveraging our ERCOT market knowledge and battery storage expertise, to bring this transaction to a successful close."

Peter DeFazio, Managing Partner of Greenprint Capital, said, "The Fort Duncan Storage project exemplifies how strategic investments in clean energy infrastructure can enhance grid reliability while generating strong financial returns. By leveraging tax equity, we're enabling innovative energy solutions that support a more resilient and self-sufficient ERCOT grid. We are proud to partner with Recurrent Energy on this milestone project, reinforcing our commitment to accelerating the clean energy transition through scalable, high-impact investments."

Fort Duncan Storage will operate on a merchant basis, storing and dispatching power to the ERCOT grid in response to market demand. The electricity stored and delivered during a two-hour cycle of the project will be equivalent to serving up to 66,100 households. Fort Duncan Storage, which will be owned and operated by Recurrent Energy, will provide millions of dollars in tax revenue for the local community services.   

e-STORAGE is supplying the energy storage systems for Fort Duncan Storage. Burns & McDonnell is currently constructing the project, which will employ 75 workers on site at peak construction.

About Recurrent Energy

Recurrent Energy, a subsidiary of Canadian Solar Inc., is one of the world's largest and most geographically diversified utility-scale solar and energy storage project development, ownership, and operations platforms. With an industry-leading team of in-house energy experts, Recurrent Energy serves as Canadian Solar's global development and power services business. To date, Recurrent Energy has successfully developed, built, and connected 11 GWp of solar projects and 3 GWh of energy storage projects across six continents. As of December 2024, its project development pipeline includes over 27 GWp of solar and 68 GWh of energy storage capacity.

About Greenprint Capital

Greenprint Capital is an investment and advisory firm specializing in clean energy tax credit investments. The firm focuses on efficiently managing and deploying capital into climate-positive energy infrastructure projects, aiming to balance financial returns, reduce tax liabilities, and achieve sustainable impact. By acquiring and structuring investments in renewable energy projects, Greenprint enables co-investors, lenders, and tax credit purchasers to participate in these opportunities. Learn more at greenprintcapital.com.

About Canadian Solar Inc.

Canadian Solar is one of the world's largest solar technology and renewable energy companies. Founded in 2001 and headquartered in Ontario, Canada, the Company is a leading manufacturer of solar photovoltaic modules; provider of solar energy and battery energy storage solutions; and developer, owner, and operator of utility-scale solar power and battery energy storage projects. Over the past 23 years, Canadian Solar has successfully delivered around 142 GW of premium-quality, solar photovoltaic modules to customers across the world. Through its subsidiary e-STORAGE, Canadian Solar has shipped over 8 GWh of battery energy storage solutions to global markets as of September 30, 2024, boasting a US$3.2 billion contracted backlog as of November 30, 2024. Since entering the project development business in 2010, Canadian Solar has developed, built, and connected approximately 11 GWp of solar power projects and 3.7 GWh of battery energy storage projects globally. Its geographically diversified project development pipeline includes 26 GWp of solar and 66 GWh of battery energy storage capacity in various stages of development. Canadian Solar is one of the most bankable companies in the solar and renewable energy industry, having been publicly listed on the NASDAQ since 2006. For additional information about the Company, follow Canadian Solar on LinkedIn or visit www.canadiansolar.com.

Canadian Solar Inc. Investor Relations Contact
Wina Huang
Investor Relations
Canadian Solar Inc.
[email protected] 

Recurrent Energy Media Inquiries
Inés Arrimadas
Recurrent Energy
[email protected]

SOURCE Canadian Solar Inc.