Recurrent Energy, a subsidiary of Canadian Solar, has secured US$160m in project financing for its 127MWdc Bayou Galion Solar project, located in Morehouse Parish in Northeast Louisiana.
Microsoft Corporation will purchase 100% of the energy and renewable energy credits produced by Bayou Galion Solar to support its goal to be carbon negative by 2030.
The project is currently under construction and is expected to be operational by the autumn 2024.
At the end of September 2023, Louisiana had 145MW of operating wind, solar, and energy storage capacity.
Recurrent Energy began development of Bayou Galion Solar in 2018 and commenced construction in December 2023.
It has selected Primoris Renewables Energy 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, chief executive 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.”