Recurrent Energy, a subsidiary of Canadian Solar Inc. and a global developer, owner, and operator of solar and energy storage assets, has announced that it has closed project financing and tax equity for its Fort Duncan Storage project. The 200 MWh storage project, located in Maverick County, Texas, is currently under construction and is expected to be commercially operational by summer 2025 to support ERCOT’s peak power demand.
Nord/LB led the project financing, which includes a construction and term loan, a tax equity bridge loan, and a letter of credit facility totaling $112 million. Recurrent Energy also executed a $71 million tax equity partnership with Greenprint Capital.
Ismael Guerrero, CEO of Recurrent Energy, emphasized that energy infrastructure projects like Fort Duncan Storage are enhancing the reliability and resilience of Texas’ grid to support economic growth and AI-driven demand. He thanked partners Nord/LB and Greenprint for their innovative collaboration in these transactions.
Sondra Martinez, Managing Director at Nord/LB, expressed excitement about supporting Recurrent Energy with Fort Duncan’s financing, highlighting their strong partnership and shared commitment to clean energy, as well as leveraging market knowledge and battery storage expertise to close the deal.
Peter DeFazio, Managing Partner of Greenprint Capital, noted that the Fort Duncan Storage project showcases how investments in clean energy infrastructure can improve grid reliability while providing strong financial returns. He emphasized their commitment to advancing the clean energy transition through scalable, impactful investments.
Fort Duncan Storage will operate on a merchant basis, storing and dispatching power to the ERCOT grid in response to market demand. The electricity stored and delivered during a two-hour cycle of the project will be equivalent to serving up to 66,100 households. Fort Duncan Storage, which will be owned and operated by Recurrent Energy, will provide millions of dollars in tax revenue for the local community services.
e-STORAGE is supplying the energy storage systems for Fort Duncan Storage. Burns & McDonnell is currently constructing the project, which will employ 75 workers on site at peak construction.
