Recurrent Energy, a solar and energy storage project developer and wholly owned subsidiary of Canadian Solar, secured $825 million in construction financing and tax equity for its Desert Bloom storage and Papago Solar projects.
NORD/LB, Mitsubishi UFJ Financial Group, CoBank, and Siemens Financial Services provided construction financing, and Wells Fargo provided the tax equity.
Desert Bloom Storage is a 600 MWh standalone battery energy storage facility, and Papago Solar is a 150 MWac solar project. Both projects are located in Maricopa County and are part of the company’s multi-project partnership with Arizona Public Service (APS). Both projects are currently under construction, with commercial operations expected to commence in the first half of 2026.
Primoris Services Corporation’s renewable energy business is responsible for the engineering, procurement, and construction services for the Desert Bloom project, while Blattner Energy is constructing the Papago solar project.
Ismael Guerrero, CEO of Recurrent Energy, stated, “For the third consecutive year, APS set a new peak energy demand record this summer. We’re proud to continue supporting APS with dispatchable energy resources that enhance reliability and meet the needs of their growing customer base. We thank the APS team for their trust as we bring these projects online safely and efficiently. Together with our long-term partners at Nord/LB, MUFG, CoBank, and Siemens Financial Services, we’re building critical infrastructure that strengthens Arizona’s grid and supports the state’s growing economy.”
In July 2025, the company began operations at its 1,200 MWh Papago storage project with the APS. The project operates under a 20-year tolling agreement with APS.
In 2025, Recurrent Energy secured financing for its multiple projects spanning across the U.S. and Europe, including $260 million for the Blue Moon solar project in Kentucky, U.S., over $70 million for its solar project portfolio in Italy, as well as $183 million for the Fort Duncan storage project in Texas, U.S.
According to Mercom’s recently released 9M and Q3 2025 Solar Funding and M&A report, large-scale project funding increased by 43% in the first nine months of 2025 compared with the same period in 2024.
