Elawan Energy Secures $163 Million for Renewable Project Portfolio in Spain

Recurrent Energy, a solar project developer and a wholly owned subsidiary of Canadian Solar secured $160 million in project financing for the 127 MWdc Bayou Galion Solar project located in Morehouse Parish in Northeast Louisiana. The project is currently under construction and is expected to be operational by fall 2024.

The company began the development of the Bayou Galion Solar project in 2018, and the construction began in December 2023. Recurrent Energy selected Primoris Renewables Energy as its engineering, procurement, and construction partner. Once construction is completed, Recurrent Energy will own and operate the project as a part of its commitment to growing the number of renewable energy projects in its operating portfolio.

Mitsubishi UFJ Financial Group, Inc. (MUFG) acted as Coordinating Lead Arranger for the financing. Microsoft Corporation is said to purchase 100% of the energy and renewable energy credits produced by the project to support its goal to be carbon-negative by 2030.

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.”

According to Mercom’s Q4 and Annual Funding and M&A report, large-scale project funding deals announced in 2023 came to $44.5 billion in 229 deals, of which 196 were disclosed.

Globeleq, an independent solar power producer, recently announced the completion of a $37 million senior debt restructuring for 11 MW of Aries Solar and 11 MW of Konkoonsies solar projects in the Northern Cape of South Africa.