Papago Storage — 1,200 MWh battery energy storage project in Maricopa County, Arizona
Largest standalone BESS financing of 2024. 20-year tolling agreement with APS. MUFG and Nord/LB as coordinating lead arrangers. Joint leads: Bank of America, CoBank, DNB, Rabobank, Siemens, Zions. $101M letter of credit facility. COD expected Q2 2025.
$513M
Deal Value
300MW
Capacity
1,200MWh
Storage
BESS
Technology
AZ
Location
Deal Details
- Deal Type
- Project Finance
- Seller / Sponsor
- Recurrent Energy
- Buyer / Financier
- MUFG, Nord/LB
- Offtaker
- Arizona Public Service
- Deal Value
- $513M
- Stage
- Under Construction
- ISO/RTO
- WECC
- Source
- Canadian Solar
Capital Structure
$513M
Total transaction value
Tranches
- Construction and Term Loan · MUFG / Nord/LB (coordinating lead arrangers)
- $249M
- Tax Equity Bridge Loan · MUFG / Nord/LB (coordinating lead arrangers)
- $163M
- Letter of Credit · MUFG / Nord/LB (coordinating lead arrangers)
- $101M
Finance Counterparties
Lenders & Capital Providers
- Coord. Lead Arranger
- MUFG, Nord/LB
- Lead Arranger
- Bank of America, CoBank, DNB, Rabobank, Siemens, Zions
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Leadership at the Counterparties
Recent executive moves at the firms named in this deal.
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