Recurrent Energy closes $825M construction financing for Maricopa County projects
Recurrent Energy LLC has closed a construction financing and tax equity deal worth $825 million for a pair of major renewable energy projects in Maricopa County.
The financing deal involving a consortium of global companies backs up Recurrent Energy’s Desert Bloom Storage and Papago Solar projects that are now under construction and are expected to begin operations in the first half of 2026.
Desert Bloom Storage is a 600 MWh standalone energy storage facility at 12300 W. Maricopa Grande in Sun City. Papago Solar is a 150 MWac solar power plant adjacent to the Papago Storage facility at 45558 W. Salome Highway in Tonopah. Both assets have been set up as part of a multiproject partnership deal with Arizona Public Service.
The two projects sit on 2,800 acres of land purchased in 2021 for $2 million, the Business Journal previously reported.
Recurrent Energy, which is headquartered in Austin, Texas, and has an office in Scottsdale, is a subsidiary of Canadian Solar Inc. (Nasdaq: CSIQ), a global developer of solar and energy storage projects headquartered in Kitchener, Ontario.
Nord/LB, Mitsubishi UFJ Financial Group Inc. (NYSE: MUFG), CoBank and Siemens Financial Services provided the construction financing and Wells Fargo Bank NA provided the tax equity portion.
Recurrent Energy’s initial project came online in 2025
Desert Bloom Storage and Papago Solar, both located in Maricopa County, are part of Recurrent Energy’s previously announced multi-project partnership with Arizona Public Service (APS).
“For the third consecutive year, APS set a new peak energy demand record this [past] summer. We’re proud to continue supporting APS with dispatchable energy resources that enhance reliability and meet the needs of their growing customer base,” Ismael Guerrero, CEO of Recurrent Energy, said in a statement. “We thank the APS team for their trust as we bring these projects online safely and efficiently. Together with our long-term partners at Nord/LB, MUFG, CoBank, and Siemens Financial Services, we’re building critical infrastructure that strengthens Arizona’s grid and supports the state’s growing economy.”
Primoris Services Corp.’s renewable energy unit is the engineering and construction firm working on Desert Bloom Storage, while Blattner Energy is the general contractor for Papago Solar. Both projects employ hundreds of construction workers and, once energized, will generate significant local tax revenue.
The Desert Bloom Storage and Papago Solar projects are Recurrent Energy’s second and third developments in the county. In July 2025, operations began at its 1,200 MWh Papago Storage facility, which came online ahead of peak summer electricity demand. The facility operates under a 20-year tolling agreement with APS.
Combined, the three projects will deliver electricity capable of powering 72,000 homes for four hours, and enough solar power to support approximately 24,000 homes annually.
To date, Recurrent Energy has developed 12 GWp of solar projects and 6 GWh of energy storage projects across six continents.