Canadian Solar subsidiary Recurrent Energy has secured $160 million in financing for its 127 MW Bayou Galion Solar project, located in Louisiana’s Morehouse Parish.
Microsoft will purchase 100% of the energy and renewable credits produced by the project, which is currently under construction and expected to be operational by fall.
Recurrent began development of Bayou Galion Solar in 2018 and commenced construction last December, selecting Primoris Renewables as its engineering, procurement and construction partner. Once construction is completed, Recurrent will own and operate the project.
“We are very pleased to announce the successful close of project financing and PPA signing for Bayou Galion Solar in Louisiana,” says Ismael Guerrero, CEO of Recurrent Energy. “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.”
Mitsubishi UFJ Financial Group acted as coordinating lead arranger for the financing.