Recurrent Energy, a solar and energy storage project developer and wholly owned subsidiary of Canadian Solar, closed $260 million in project financing and tax equity for the 94 MW Blue Moon Solar project located in Harrison County, Kentucky.
U.S. Bank, through its subsidiary U.S. Bancorp Impact Finance, is providing both tax equity and construction financing for the project.
The project is currently under construction and is expected to reach commercial operation in 2026.
The company will own and operate the Blur Moon Solar project upon commencing operation. Constellation will purchase power and renewable energy certificates produced by the 94 MW solar project under a power purchase agreement signed with Recurrent Energy.
Ismael Guerrero, CEO of Recurrent Energy, added, “We are pleased to invest in Harrison County, Kentucky. Blue Moon Solar will generate affordable, locally produced energy that will support Kentucky’s economic growth. We are excited to complete the financing for Blue Moon Solar and grow our investments in Kentucky, thanks to U.S. Bank and Constellation for supporting our energy projects.”
The project is Recurrent Energy’s first in Kentucky, which is expected to create hundreds of construction jobs, according to the company.
Last month, the company announced the closing of €61.5 million (~$70.8 million) in non-recourse debt financing for its Italian solar project portfolio. The financing package supports a portfolio comprising 124 MW of operational solar projects, as well as the construction of a co-located battery energy storage system.
In addition, the company secured a multi-currency credit facility valued at up to $415 million in May 2024. This funding is expected to help the company expand its independent power producer portfolio across diverse geographies and markets.
According to Mercom’s recently released 1H and Q2 2025 Solar Funding and M&A report, large-scale project funding increased by 65% in the first half of 2025 compared to the same period in 2024.
