GUELPH, ON, Feb. 6, 2024 /PRNewswire/ — Recurrent Energy, a subsidiary of Canadian Solar Inc. (“Canadian Solar”) (NASDAQ: CSIQ) and a global developer and owner of solar and energy storage assets, announced today that it has secured $160 million in project financing for its 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.

Microsoft Corporation will purchase 100 percent of the energy and renewable energy credits produced by Bayou Galion Solar to support its goal to be carbon negative by 2030. The project will significantly expand the amount of renewable energy capacity installed in Louisiana. At the end of September 2023, Louisiana had 145 MW of operating wind, solar, and energy storage capacity.   

Mitsubishi UFJ Financial Group, Inc. (MUFG) acted as Coordinating Lead Arranger for the financing.

“MUFG is very pleased to support Recurrent Energy on this important project and to help Microsoft meet its climate objectives,” said Fred Zelaya, Managing Director, Project Finance Americas at MUFG.

Recurrent Energy began development of Bayou Galion Solar in 2018 and commenced construction in December 2023. Recurrent Energy selected Primoris Renewables Energy, Inc. 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.

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.”

About Recurrent Energy

Recurrent Energy is one of the world’s largest and most geographically diversified utility-scale solar and energy storage project development, ownership and operations platforms. With an industry-leading team of in-house energy experts, Recurrent Energy is a wholly-owned subsidiary of Canadian Solar Inc. and functions as Canadian Solar’s global development and power services business. Additional details are available at www.recurrentenergy.com.

About MUFG and MUFG Americas 

Mitsubishi UFJ Financial Group, Inc. (MUFG) is one of the world’s leading financial groups. Headquartered in Tokyo and with over 360 years of history, MUFG has a global network with approximately 2,000 locations in more than 40 countries. MUFG has nearly 120,000 employees and offers services including commercial banking, trust banking, securities, credit cards, consumer finance, asset management, and leasing. The Group aims to “be the world’s most trusted financial group” through close collaboration among our operating companies and flexibly respond to all the financial needs of our customers, serving society, and fostering shared and sustainable growth for a better world. MUFG’s shares trade on the Tokyo, Nagoya, and New York stock exchanges.  

MUFG’s Americas operations, including its offices in the U.S., Latin America, and Canada, are primarily organized under MUFG Bank, Ltd. and subsidiaries, and are focused on Global Corporate and Investment Banking, Japanese Corporate Banking, and Global Markets. MUFG is one of the largest foreign banking organizations in the Americas. For locations, banking capabilities and services, career opportunities, and more, visit www.mufgamericas.com.