Recurrent Energy Completes Sale of 200 MWh Battery Storage Facility to Hunt Energy Network in Texas

Recurrent Energy (NASDAQ: CSIQ) completed the sale of its 200 MWh Fort Duncan Battery Storage facility to Hunt Energy Network on Feb 24, 2026, with revenue expected to be recognized in Q1 2026.

Rhea-AI Summary

Recurrent Energy (NASDAQ: CSIQ) completed the sale of its 200 MWh Fort Duncan Battery Storage facility to Hunt Energy Network on Feb 24, 2026, with revenue expected to be recognized in Q1 2026. Fort Duncan reached commercial operation in June 2025 and had $183 million in project financing and tax equity.

Located in Maverick County, Texas, the merchant facility is a top performer in ERCOT South and the acquisition increases Hunt Energy Network's battery portfolio to 420 MW.

Positive

• Asset sale completed: 200 MWh Fort Duncan transferred to Hunt Energy Network
• Revenue timing: Canadian Solar expects to recognize transaction revenue in Q1 2026
• Project financing: $183 million secured in project financing and tax equity
• Buyer scale: Hunt Energy Network now owns and operates 420 MW of battery storage

Negative

• Monetization reduces asset base: sale removes a high-performing 200 MWh merchant asset from Recurrent Energy's portfolio

Argus Feb 24 session

+3.24% close to close Open Argus

Details

News Market Reaction – CSIQ

On Feb 24, the day this news came out, CSIQ closed 3.24% above the previous close.

Data tracked by StockTitan Argus for the Feb 24 session.

Market Context

This announcement highlights Recurrent Energy’s sale of the 200 MWh Fort Duncan battery storage faci...

Analysis

This announcement highlights Recurrent Energy’s sale of the 200 MWh Fort Duncan battery storage facility, with Canadian Solar expecting to recognize revenue in Q1 2026. It reinforces the company’s strategy of selectively monetizing high-performing storage assets while expanding its ERCOT footprint. In recent months, CSIQ has reported multiple Texas and Japan storage projects and new financing, so investors may monitor how recurring storage revenues, project sales, and funding costs interact in upcoming results.

Key Figures

Fort Duncan capacity: 200 MWh Fort Duncan financing: $183 million Hunt storage portfolio: 420 MW +5 more

Fort Duncan capacity

200 MWh

Battery storage facility sold to Hunt Energy Network

Fort Duncan financing

$183 million

Previously secured project financing and tax equity for storage facility

Hunt storage portfolio

420 MW

Total battery storage capacity owned and operated after Fort Duncan purchase

Revenue timing

Q1 2026

Canadian Solar expects to recognize transaction revenue in first quarter 2026

Commercial operation date

June 2025

Fort Duncan Battery Storage reached commercial operation in Maverick County, Texas

Operating history

4 years

Hunt Energy Network has been growing its battery storage portfolio

52-week low distance

215.31%

Price performance vs 52-week low prior to this news

52-week high distance

-40.16%

Price performance vs 52-week high prior to this news

Historical Context

5 past events · Latest: Feb 19

5 events

1. Feb 19

   Earnings call schedule

   24h Move

   -2.1%

   Announcement of date and access details for Q4 and full-year 2025 call.

2. Feb 11

   Japan storage project

   24h Move

   -4.6%

   First grid-connected battery storage system delivered in Japan by e-STORAGE.

3. Feb 06

   Advisor appointment

   24h Move

   +4.8%

   CSIQ CFO appointed special advisor to Republic Technologies’ board and committee.

4. Feb 05

   Texas storage projects

   24h Move

   -8.2%

   Announcement of 503 MWh Texas battery storage projects with Sunraycer via e-STORAGE.

5. Jan 13

   Convertible notes offering

   24h Move

   +8.5%

   Closing of US$230 million 3.25% convertible senior notes due 2031 offering.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Key Terms

tax equity, project financing, merchant basis, battery energy storage system, +1 more

5 terms

tax equity financial

"The company previously announced that it had secured $183 million in project financing and tax equity"

Tax equity is a financial arrangement where an investor provides money to a project—often renewable energy or other tax-advantaged ventures—in exchange for the project’s tax benefits and some share of cash flow. Think of it like joining a friend to buy a house so you can use their mortgage tax break; investors care because these deals reduce tax bills and can improve overall returns while changing the project’s risk and cash timing profile.

project financing financial

"it had secured $183 million in project financing and tax equity for the storage facility."

Project financing is a way to fund a single, large project — such as a power plant, toll road, or mine — where lenders and investors look primarily to the project’s future cash flow and assets for repayment rather than the company’s overall balance sheet. It matters to investors because it isolates risk and return: like a mortgage tied to a single house, the project’s performance determines who gets paid and how much, affecting credit risk, expected returns, and how losses are absorbed.

merchant basis financial

"Fort Duncan Storage operates on a merchant basis and has established itself as a top-performing"

Merchant basis is the difference between the local cash price a seller receives for a physical commodity (like power, natural gas or oil) and the standard benchmark or hub price used in trading. For investors it signals how much extra revenue or cost comes from local market conditions and transportation or delivery differences — like the premium or discount you’d pay to buy produce at a neighborhood stand versus a large city market — and it affects profitability, hedging needs and valuation.

battery energy storage system technical

"a top-performing standalone battery energy storage system in the ERCOT South load zone"

A battery energy storage system is a device that stores electricity for later use, much like a rechargeable battery for a phone or laptop. It allows energy generated during times of low demand or from renewable sources to be saved and released when needed, helping to balance supply and demand. For investors, it represents a way to support reliable energy flow and capitalize on the increasing demand for flexible, clean power solutions.

ERCOT technical

"battery energy storage system in the ERCOT South load zone, providing critical grid support"

The Electric Reliability Council of Texas (ERCOT) is the organization that operates and balances the bulk electric grid for most of Texas, acting like an air-traffic controller that matches electricity supply and demand across the state and runs the wholesale power market. Investors care because ERCOT’s decisions, grid reliability, and market prices directly affect the revenues, costs, and risk exposure of utilities, energy producers, large consumers, and companies whose operations depend on stable, affordable power.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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The transaction supports Recurrent Energy's strategy to selectively monetize projects to advance its continued growth.

KITCHENER, ON, Feb. 24, 2026 /PRNewswire/ -- Recurrent Energy, a subsidiary of Canadian Solar Inc. ("Canadian Solar") (NASDAQ: CSIQ), and a leading global developer, owner, and operator of solar and energy storage assets, announced today that it has completed the sale of its 200 MWh Fort Duncan Battery Storage facility to Hunt Energy Network, L.L.C. ("Hunt Energy Network"). Canadian Solar expects to recognize the revenue from the transaction in the first quarter of 2026.

Located in Maverick County, Texas, Fort Duncan Battery Storage reached commercial operation in June 2025. The company previously announced that it had secured $183 million in project financing and tax equity for the storage facility.

Fort Duncan Storage operates on a merchant basis and has established itself as a top-performing standalone battery energy storage system in the ERCOT South load zone, providing critical grid support and reliability services to the South Texas region. Fort Duncan Storage's strong performance track record is backed by battery energy storage systems supplied by Canadian Solar's e-STORAGE division.

Hunt Energy Network is an affiliate of one of the largest privately held energy companies in the United States with a large, international, and diversified presence. It started growing its battery storage portfolio four years ago and, with the purchase of Fort Duncan, now owns and operates 420 MW of battery storage facilities.

Pat Wood III, Executive Chairman of Hunt Energy Network, said, "We are fully committed to dramatically growing our presence within ERCOT, and this acquisition is a strong step towards achieving that goal. We appreciate the collaboration with Recurrent on this transaction, and we look forward to operating this asset for many years."

Ismael Guerrero, CEO of Recurrent Energy, added, "We are very pleased to complete the sale of Fort Duncan Storage to Hunt Energy Network. The project has demonstrated exceptional performance and has become a reliable and responsive asset for the Texas grid. This transaction is an important milestone in our strategic initiative to selectively monetize projects to support our continued growth."

About Recurrent Energy

Recurrent Energy, a subsidiary of Canadian Solar Inc., 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 serves as Canadian Solar's global development and power services business. To date, Recurrent Energy has successfully developed, built, and connected 12 GWp of solar projects and more than 5 GWh of energy storage projects across six continents. As of September 30, 2025, its global pipeline includes approximately 23 GWp of solar power and 73 GWh of energy storage capacity. The company also has over 14 GW of solar and energy storage projects under operations and maintenance (O&M) contracts. These figures exclude China. Additional details are available at www.recurrentenergy.com.

About Canadian Solar

Canadian Solar is one of the world's largest solar technology and renewable energy companies. Founded in 2001 and headquartered in Kitchener, Ontario, the Company is a leading manufacturer of solar photovoltaic modules; provider of solar energy and battery energy storage solutions; and developer, owner, and operator of utility-scale solar power and battery energy storage projects. Over the past 24 years, Canadian Solar has successfully delivered nearly 170 GW of premium-quality, solar photovoltaic modules to customers across the world. Through its subsidiary e-STORAGE, Canadian Solar has shipped over 16 GWh of battery energy storage solutions to global markets as of September 30, 2025, boasting a $3.1 billion contracted backlog as of October 31, 2025. Since entering the project development business in 2010, Canadian Solar has developed, built, and connected approximately 12 GWp of solar power projects and 6 GWh of battery energy storage projects globally. Its geographically diversified project development pipeline includes 25 GWp of solar and 81 GWh of battery energy storage capacity in various stages of development. Canadian Solar is one of the most bankable companies in the solar and renewable energy industry, having been publicly listed on the NASDAQ since 2006. For additional information about the Company, follow Canadian Solar on LinkedIn or visit www.canadiansolar.com.

Safe Harbor/Forward-Looking Statements

Certain statements in this press release, including those regarding the Company's expected future shipment volumes, revenues, gross margins, and project sales are forward-looking statements that involve a number of risks and uncertainties that could cause actual results to differ materially. These statements are made under the "Safe Harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. In some cases, you can identify forward-looking statements by such terms as "may", "will", "expect", "anticipate", "future", "ongoing", "continue", "intend", "plan", "potential", "prospect", "guidance", "believe", "estimate", "is/are likely to" or similar expressions, the negative of these terms, or other comparable terminology. These forward-looking statements include, among other things, our expectations regarding global electricity demand and the adoption of solar and battery energy storage technologies; our growth strategies, future business performance, and financial condition; our transition to a long-term owner and operator of clean energy assets and expansion of project pipelines; our ability to monetize project portfolios, manage supply chain fluctuations, and respond to economic factors such as inflation and interest rates; our outlook on government incentives, trade measures, regulatory developments, and geopolitical risks; our expectations for project timelines, costs, and returns; competitive dynamics in solar and storage markets; our ability to execute supply chain, manufacturing, and operational initiatives; access to capital, debt obligations, and covenant compliance; relationships with key suppliers and customers; technological advancement and product quality; and risks related to intellectual property, litigation, and compliance with environmental and sustainability regulations. Other risks were described in the Company's filings with the Securities and Exchange Commission, including its annual report on Form 20-F filed on April 30, 2025. Although the Company believes that the expectations reflected in the forward-looking statements are reasonable, it cannot guarantee future results, level of activity, performance, or achievements. Investors should not place undue reliance on these forward-looking statements. All information provided in this press release is as of today's date, unless otherwise stated, and Canadian Solar undertakes no duty to update such information, except as required under applicable law.

Canadian Solar Inc. Investor Relations Contact
Wina Huang
Investor Relations
Canadian Solar Inc.
investor@canadiansolar.com 

Recurrent Energy Media Inquiries
Inés Arrimadas
Recurrent Energy
comm_global@recurrentenergy.com

View original content:https://www.prnewswire.com/news-releases/recurrent-energy-completes-sale-of-200-mwh-battery-storage-facility-to-hunt-energy-network-in-texas-302695525.html

SOURCE Canadian Solar Inc.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What did Recurrent Energy (CSIQ) sell on February 24, 2026?

Recurrent Energy sold the 200 MWh Fort Duncan Battery Storage facility to Hunt Energy Network. According to Canadian Solar, the facility reached commercial operation in June 2025 and was sold to advance the company's selective monetization strategy.

When will Canadian Solar (CSIQ) recognize revenue from the Fort Duncan sale?

Canadian Solar expects to recognize revenue from the transaction in Q1 2026. According to Canadian Solar, the timing reflects completion of the sale and ordinary revenue recognition processes for the project.

What financing supported the Fort Duncan Battery Storage project sold by CSIQ?

The project secured $183 million in project financing and tax equity. According to Canadian Solar, that financing underpinned development and commercial operation achieved in June 2025.

How does the Fort Duncan sale affect Hunt Energy Network's storage portfolio?

With the Fort Duncan purchase, Hunt Energy Network now owns and operates 420 MW of battery storage. According to Canadian Solar, the acquisition expands Hunt Energy Network's footprint and ERCOT presence.

Why did Recurrent Energy sell the Fort Duncan storage asset (CSIQ)?

Recurrent Energy sold Fort Duncan to selectively monetize projects and support continued growth. According to Canadian Solar, the transaction fits the company's strategy to realize value from developed assets.