Canadian Solar subsidiary secures $183M in financing for Texas project

Canadian Solar (CSIQ) subsidiary Recurrent Energy 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 $112M. Recurrent Energy also executed a $71M tax equity partnership with Greenprint Capital. 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.