Recurrent Energy has secured $513 million in project financing for its 1,200 MWh Papago Storage project located in Maricopa County, Ariz.
Project construction is slated to commence later this year, with commercial operations expected to begin in 2025. The project holds a 20-year tolling agreement with Arizona Public Service Company.
Following construction, Recurrent Energy will own and operate the project.
“When we began developing Papago Storage in 2016, the Arizona storage market was in its infancy,” says Ismael Guerrero, CEO of Recurrent Energy.
“Today, Arizona is one of the fastest-growing markets for energy storage in the United States, bolstered by the state’s expanding economy and cost-effective renewable energy resources. Today, we are thrilled to see nearly a decade of planning culminate in the financing of what will be the largest energy storage project in Arizona. We appreciate the continued support from our partners Nord/LB and MUFG in our shared mission to advance the clean energy transition.”
MUFG and Nord/LB acted as coordinating lead arrangers for the project financing. Joint lead arrangers for the transaction included Bank of America, CoBank, DNB, Rabobank, Siemens and Zions.
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Recurrent Energy Closes Financing for 1,200 MWh Arizona Storage Project
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Trump Targets Revolution Wind, Nordex Q3 EBITDA Doubles
Allen covers the Trump administration’s bid to reopen Revolution Wind’s permit, a bipartisan Senate permitting deal, Nordex’s doubled third-quarter profit, and GE Vernova’s new wind chief.
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Have you ever wondered why every dictator in human history follows the exact same playbook? Check this outPlato nailed this 2400 years ago, and it’s been on “rinse/repeat” ever since.
On average, I meet perhaps 50 K-12 teachers each year, and I often ask them: What is the biggest challenge you face that impacts your ability to connect with and educate your students?
Here’s a rough tabulation:
Screen time, how it robs kids of their ability to pay attention, impedes social interaction, and makes parenting more difficult: 80%
Everything else combined: 20%
Maybe this is a cynical viewpoint, but it seems like that world of today revolves around the mega-corporations profiting by punishing their customers.
In this case, we have the tech giants ruining the lives of our children. Elsewhere, we have healthcare industry driving people into bankruptcy, Big Oil ruining our planet, the gun lobby murdering our kids, and, of course, an ultra-corrupt government looting our treasury to pay off billionaire donors.
Note that this wasn’t the case when we boomers were growing up 60 years ago. This is a distinctive shift from the 1960s when corporate America was focused on things like color TVs and the Ford Mustang.
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