Recurrent Energy Announces CPPA & Project Finance Raise

• Recurrent Energy has secured a corporate power purchase agreement with Microsoft for its Bayou Galion Solar Plant 
• The technology group will purchase both the renewable energy generated as well as the credits from the project 
• Recurrent has also announced a $160 million project financing for the 127 MW DC/98.1 MW AC solar plant 

Global technology giant Microsoft has turned offtaker for Recurrent Energy's 127 MW DC/98.1 MW AC solar plant in Louisiana for which the latter has also raised $160 million in project financing.  

Microsoft will procure 100% of the energy generated as well as the renewable energy credits produced by the Bayou Galion Solar Plant. It will support the technology group's aim to shift to 100% renewable energy supply by 2025 and become carbon-negative by 2030. 

The Bayou Galion project has been under construction in Morehouse Parish since December 2023. It is scheduled to become operational by fall 2024. Recurrent will own and operate the project once the EPC company Primoris Renewables Energy completes its construction.  

A subsidiary of Canadian Solar, Recurrent Energy has Mitsubishi UFJ Financial Group (MUFG) as the coordinating lead arranger for the $160 million financing for this solar plant. 

"This project represents an important milestone as we continue to advance our pipeline in new markets and increase project ownership," said Recurrent Energy CEO Ismael Guerrero. "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." 

Recently, BlackRock acquired a 20% stake in Recurrent Energy with a $500 million investment (see Recurrent Energy Lands $500 Million Equity Commitment).