Recurrent Energy, a subsidiary of Canadian Solar Inc., and one of the world’s largest and most geographically diversified utility-scale solar and energy storage project development, ownership, and operations platforms, announced on March 18, 2025, that it has closed project financing and tax equity for its Fort Duncan 200 MWh storage project located in Maverick County, Texas. This project is currently under construction and is expected to be commercially operational by the summer of 2025 to support the Electricity Reliability Council of Texas’ (ERCOT) peak power demand.
Nord/LB or Norddeutsche Landesbank—a German federal state bank and central bank for savings banks—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—an investment and advisory firm specializing in clean energy tax credit investments.
As Texas adds record amounts of generation to support economic growth and AI-driven demand, energy infrastructure projects like Fort Duncan Storage will help make the Texas grid more reliable and resilient. The project exemplifies how strategic investments in clean energy infrastructure can enhance grid reliability while generating strong financial returns. By leveraging tax equity, it is enabling innovative energy solutions that support a more resilient and self-sufficient ERCOT grid.
The storage project 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 local community services.
e-STORAGE is supplying energy storage systems for Fort Duncan Storage. Burns & McDonnell is currently constructing the project, which will employ 75 workers on site at peak construction.
Recurrent Energy has successfully developed, built, and connected 11 GWp of solar projects and 3 GWh of energy storage projects across six continents. As of December 2024, its project development pipeline includes over 27 GWp of solar and 68 GWh of energy storage capacity.