Recurrent Energy Secures $260 Million Financing for Blue Moon Solar Project in Kentucky
Canadian Solar (NASDAQ: CSIQ) subsidiary Recurrent Energy has secured $260 million in project financing and tax equity from U.S. Bank for its Blue Moon Solar project in Harrison County, Kentucky. The 94 MW solar facility, currently under construction, is expected to begin commercial operations in 2026.
The project features a power purchase agreement with Constellation, who will purchase both power and renewable energy certificates. This marks Recurrent Energy's first project in Kentucky, expected to create hundreds of construction jobs and generate significant local tax revenue. The company will maintain ownership and operation of the facility after completion.
As of March 2025, Recurrent Energy has developed approximately 12 GWp of solar projects and 6 GWh of energy storage projects globally, with a pipeline of 25 GWp solar and 69 GWh storage capacity, excluding China.
Canadian Solar (NASDAQ: CSIQ), tramite la sua controllata Recurrent Energy, ha ottenuto un finanziamento di progetto e capitali fiscali per 260 milioni di dollari da U.S. Bank per il suo progetto Blue Moon Solar nella contea di Harrison, Kentucky. L'impianto solare da 94 MW, attualmente in costruzione, dovrebbe entrare in esercizio commerciale nel 2026.
Il progetto prevede un contratto di acquisto di energia con Constellation, che acquisterà sia l'energia elettrica sia i certificati di energia rinnovabile. Questo rappresenta il primo progetto di Recurrent Energy in Kentucky, che si prevede creerà centinaia di posti di lavoro durante la costruzione e genererà significative entrate fiscali locali. L'azienda manterrà la proprietà e la gestione dell'impianto dopo il completamento.
Ad marzo 2025, Recurrent Energy ha sviluppato circa 12 GWp di progetti solari e 6 GWh di progetti di accumulo energetico a livello globale, con un portafoglio di 25 GWp di capacità solare e 69 GWh di capacità di accumulo, escludendo la Cina.
Canadian Solar (NASDAQ: CSIQ), a través de su filial Recurrent Energy, ha asegurado 260 millones de dólares en financiamiento de proyectos y capital fiscal de U.S. Bank para su proyecto Blue Moon Solar en el condado de Harrison, Kentucky. La planta solar de 94 MW, actualmente en construcción, se espera que comience operaciones comerciales en 2026.
El proyecto incluye un acuerdo de compra de energía con Constellation, que comprará tanto la energía como los certificados de energía renovable. Este es el primer proyecto de Recurrent Energy en Kentucky, y se espera que genere cientos de empleos durante la construcción y un importante ingreso fiscal local. La compañía mantendrá la propiedad y operación de la planta tras su finalización.
A marzo de 2025, Recurrent Energy ha desarrollado aproximadamente 12 GWp de proyectos solares y 6 GWh de proyectos de almacenamiento energético a nivel mundial, con una cartera de 25 GWp de capacidad solar y 69 GWh de almacenamiento, excluyendo China.
Canadian Solar (NASDAQ: CSIQ)의 자회사 Recurrent Energy가 미국 은행(U.S. Bank)으로부터 켄터키주 해리슨 카운티에 위치한 Blue Moon Solar 프로젝트를 위한 2억 6천만 달러 규모의 프로젝트 금융 및 세금 투자 자금을 확보했습니다. 현재 건설 중인 94MW 태양광 발전소는 2026년에 상업 운영을 시작할 예정입니다.
이 프로젝트는 Constellation과의 전력 구매 계약을 포함하며, 전력과 재생에너지 인증서 모두를 구매할 예정입니다. 이는 Recurrent Energy의 켄터키주 첫 프로젝트로, 건설 기간 동안 수백 개의 일자리를 창출하고 지역 세수에 크게 기여할 것으로 기대됩니다. 완공 후에도 회사가 시설의 소유권과 운영을 유지할 것입니다.
2025년 3월 기준으로 Recurrent Energy는 전 세계적으로 약 12GWp의 태양광 프로젝트와 6GWh의 에너지 저장 프로젝트를 개발했으며, 중국을 제외한 25GWp 태양광 및 69GWh 저장 용량의 프로젝트 파이프라인을 보유하고 있습니다.
Canadian Solar (NASDAQ : CSIQ), par l'intermédiaire de sa filiale Recurrent Energy, a obtenu un financement de projet et des capitaux fiscaux de 260 millions de dollars auprès de U.S. Bank pour son projet Blue Moon Solar dans le comté de Harrison, Kentucky. L'installation solaire de 94 MW, actuellement en construction, devrait commencer ses opérations commerciales en 2026.
Le projet comprend un contrat d'achat d'électricité avec Constellation, qui achètera à la fois l'électricité et les certificats d'énergie renouvelable. Il s'agit du premier projet de Recurrent Energy dans le Kentucky, qui devrait créer des centaines d'emplois pendant la construction et générer des recettes fiscales locales importantes. L'entreprise conservera la propriété et l'exploitation de l'installation après son achèvement.
En mars 2025, Recurrent Energy a développé environ 12 GWc de projets solaires et 6 GWh de projets de stockage d'énergie à l'échelle mondiale, avec un portefeuille de 25 GWc de capacité solaire et 69 GWh de capacité de stockage, hors Chine.
Canadian Solar (NASDAQ: CSIQ)-Tochtergesellschaft Recurrent Energy hat von der U.S. Bank eine Projektfinanzierung und Steuereigenkapital in Höhe von 260 Millionen US-Dollar für ihr Blue Moon Solar-Projekt im Harrison County, Kentucky erhalten. Die 94 MW große Solaranlage, die sich derzeit im Bau befindet, soll 2026 den kommerziellen Betrieb aufnehmen.
Das Projekt beinhaltet einen Stromabnahmevertrag mit Constellation, die sowohl Strom als auch erneuerbare Energiezertifikate erwerben wird. Dies ist Recurrent Energys erstes Projekt in Kentucky, das voraussichtlich hunderte Arbeitsplätze während der Bauphase schafft und erhebliche lokale Steuereinnahmen generiert. Das Unternehmen wird nach Fertigstellung Eigentümer und Betreiber der Anlage bleiben.
Stand März 2025 hat Recurrent Energy weltweit etwa 12 GWp an Solarprojekten und 6 GWh an Energiespeicherprojekten entwickelt, mit einer Projektpipeline von 25 GWp Solar- und 69 GWh Speicherleistung, ohne China.
- Secured substantial $260 million financing for the Blue Moon Solar project
- Signed power purchase agreement with Constellation, ensuring revenue stream
- Will create hundreds of construction jobs and generate significant tax revenue for Harrison County
- Demonstrates continued expansion with first Kentucky project
- Strong project pipeline of 25 GWp solar and 69 GWh storage capacity
- Project won't be operational until 2026, delaying revenue generation
- Significant capital expenditure required for project development
Insights
Canadian Solar's subsidiary secured $260M financing for a 94MW Kentucky solar project, strengthening their renewable portfolio and revenue potential.
Recurrent Energy has successfully closed a
The 94 MW facility's power purchase agreement (PPA) with Constellation is particularly noteworthy as it provides long-term revenue visibility and de-risks the project substantially. PPAs are the gold standard in renewable project development as they secure predictable cash flows regardless of wholesale electricity price fluctuations. This arrangement effectively transforms an inherently variable energy source into a stable financial asset.
This represents Recurrent Energy's first entry into Kentucky's energy market, which has strategic importance as the state transitions from its traditional coal-based electricity generation. The project expands Canadian Solar's operational footprint to a new state, contributing to their geographic diversification strategy across North America.
The expected 2026 commercial operation timeline is reasonable for a utility-scale solar project of this size. When viewed in context of Recurrent Energy's broader development pipeline of approximately 25 GWp solar and 69 GWh storage capacity, this project represents about
The investment aligns with Canadian Solar's strategic pivot from being primarily a module manufacturer to becoming an integrated developer, owner, and operator of renewable assets. This transition to owning long-term revenue-generating assets should help mitigate the cyclicality and margin pressure typically associated with solar manufacturing operations.
94 MW Solar Facility Holds Power Purchase Agreement with Constellation
Constellation will purchase power and renewable energy certificates produced by the 94 MW energy facility under a power purchase agreement with Recurrent Energy. Located in
Jason
"We believe everyone has a role to play in creating a sustainable future, and financing a project like Blue Moon is one way we can be responsible stewards of the environment," said Darren Van't Hof, Managing Director of Environment Finance for
Ismael Guerrero, CEO of Recurrent Energy, added, "We are pleased to invest in
Blue Moon Solar is Recurrent Energy's first project in
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 approximately 12 GWp of solar projects and 6 GWh of energy storage projects across six continents. As of March 31, 2025, its global pipeline comprises approximately 25 GWp of solar power and over 69 GWh of energy storage capacity, excluding
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,
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
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SOURCE Canadian Solar Inc.
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