Recurrent Energy, a solar and energy storage project developer and a wholly owned subsidiary of Canadian Solar, announced the financial closure of the Carwarp Energy Park in Australia. Westpac Banking Corporation, Australia and New Zealand Banking Group Limited, and Société Générale, Sydney Branch, provided the funding. The funding amount was not disclosed.
The Carwarp Energy project, located in Northwest Victoria near the town of Carwarp, consists of 171 MW of solar with a stage two hybrid 120 MW co-located battery energy storage system. The project is expected to reach commercial operation in 2026 and will feature 243,000 Canadian Solar modules.
The project will be connected to the National Electricity Market and the electricity produced from the project is contracted by a multinational corporate off-taker through a long-term power purchase agreement.
Ismael Guerrero, CEO of Recurrent Energy, said, “We are very pleased to reach financial close for the Carwarp project and to continue supporting renewable energy globally. We look forward to continued growth within the APAC region and thank all our partners for their ongoing support.”
In July, the company also announced that it signed a $103 million tax credit facilitation agreement with Bank of America for the 160 MW North Fork Solar Project, which is already operational and is located southwest of Oklahoma City.
The company’s project development pipeline currently includes more than 26 GWp of solar and 66 GWh of energy storage capacity.
According to Mercom’s 9M and Q3 2024 Solar Funding and M&A report, large-scale project funding in 9M 2024 totaled $34.3 billion in 180 deals, up from $27.5 billion in 169 deals in 9M 2023.
Earlier this month, Origis Energy, a vertically integrated renewable energy platform provider and solar project developer, announced closing $533 million in a construction financing facility, bridge loan facility, and conversion to a term loan with MUFG, a global financial group.
