Recurrent Energy Announces Successful Operation of 127 MW Solar Project in Louisiana

Rhea-AI Summary

Recurrent Energy, a subsidiary of Canadian Solar (NASDAQ: CSIQ), celebrated the successful operation of its Bayou Galion Solar project in Northeast Louisiana. The 127 MWdc solar facility, which began operations in November 2024, represents a $160 million investment and can power approximately 20,500 homes annually.

The project marks Recurrent Energy's first venture in Louisiana, where cumulative solar investments exceeded $2 billion by the end of 2024. The facility, located in Morehouse Parish, provides substantial tax revenue for the local community and contributes to the region's growing energy infrastructure. MUFG acted as Coordinating Lead Arranger for the project financing, while Primoris Renewables Energy completed the construction with local vendor support.

Positive

• First successful project completion in Louisiana market expansion
• $160 million project investment generating new revenue streams
• 127 MWdc capacity providing clean energy to 20,500 homes
• Project secured full financing from MUFG
• Generates substantial tax revenue for local community

Negative

• None.

Insights

Renewable Energy Infrastructure Expert

Recurrent Energy's 127 MW Louisiana solar project demonstrates successful market expansion and project execution, adding incremental value to Canadian Solar.

The 127 MWdc Bayou Galion Solar project represents Recurrent Energy's strategic entry into Louisiana's growing renewable energy market. This $160 million investment has successfully transitioned from development to operational status, having commenced operations in November 2024. The project's scale is significant, capable of powering approximately 20,500 homes annually while providing tax revenue for Morehouse Parish.

The timing of this market entry is opportune, as Louisiana's solar sector has seen substantial growth, with cumulative solar investments reaching $2 billion by the end of 2024. This growth is driven by increasing electricity demand from manufacturing and data centers in the region, creating favorable market conditions for renewable energy development.

As Recurrent Energy's first project in Louisiana, Bayou Galion Solar establishes the company's footprint in a new geographic market, demonstrating execution capability in project development. The successful financing arrangement with MUFG as Coordinating Lead Arranger indicates strong financial structuring, while completion of construction by Primoris Renewables Energy with local vendor support reflects effective project management.

This project fits within the broader industry trend of expanding renewable infrastructure into markets with growing industrial electricity demands, positioning Canadian Solar to potentially benefit from Louisiana's energy transition as the state diversifies its power generation sources.

Financial Analyst

The operational 127 MW Bayou Galion Solar project strengthens Canadian Solar's asset portfolio and demonstrates continued project execution capabilities.

Recurrent Energy's successful commissioning of the Bayou Galion Solar project marks a significant milestone for parent company Canadian Solar. The $160 million investment has now transitioned from development to operational status, reducing project risk and adding to the company's revenue-generating asset base.

This 127 MWdc utility-scale project represents meaningful geographic expansion, establishing Canadian Solar's presence in Louisiana, a market where solar investments have reached $2 billion cumulatively by 2024. This market diversification is strategically valuable as it reduces concentration risk in the company's project portfolio.

The successful project financing with MUFG as Coordinating Lead Arranger demonstrates Recurrent Energy's continued access to capital markets for project development. While a single project of this scale isn't transformative for Canadian Solar's overall financial profile, it represents successful execution of the company's development-to-operation business model.

From an investor perspective, the completion of this project indicates Canadian Solar's ability to navigate the full project lifecycle - from development through financing, construction, and into commercial operation. As the company's first project in Louisiana, it potentially creates a foundation for additional regional opportunities, though the immediate financial impact will be incremental rather than transformative to Canadian Solar's overall operations.

KITCHENER, ON, April 21, 2025 /PRNewswire/ -- Recurrent Energy, a subsidiary of Canadian Solar Inc. ("Canadian Solar") (NASDAQ: CSIQ), and a global developer, owner, and operator of solar and energy storage assets, held a tour and ribbon cutting ceremony at Bayou Galion Solar, a 127 MWdc solar project located in Northeast Louisiana. The project commenced operations in November 2024.

Solar energy investments in Louisiana are growing, driven by increasing demand for electricity from manufacturing and data centers. By the end of 2024, cumulative solar investment in Louisiana reached more than $2 billion^[1].

To celebrate the project's commercial operation, Recurrent Energy welcomed local leaders to the site in Morehouse Parish for a guided tour and ribbon cutting ceremony. Bayou Galion Solar generates enough electricity to power the equivalent of approximately 20,500 homes annually while providing a substantial source of new tax revenue for the local community. In connection with the event, Recurrent Energy is also making a donation to the Cotton Country Players, a local theatre group, in support of the nearby historic Rose Theatre.

Dorothy Ford, Executive Director of the Bastrop-Morehouse Chamber of Commerce, said, "Solar energy creates a positive impact on its community. From creating jobs to generating local revenue, we at the Bastrop-Morehouse Chamber of Commerce recognize the importance of what Bayou Galion Solar is contributing to our economic growth."

Kay King, CEO of Morehouse Economic Development Corporation, added, "Congratulations to Recurrent Energy on the completion of the Bayou Galion Project. Solar development in our parish improves our tax base, adds income to landowners, and diversifies our area's electrical power sources. Morehouse Parish supports this development, which is building a foundation for a strong electrical grid system that will power future growth here and across our region."

Jeffrey Clark, President of Advanced Power Alliance, said, "Bayou Galion is a state-of-the-art energy investment that will help provide Louisiana with affordable power to benefit every consumer in the state. Morehouse Parish has a long and storied history in energy, and it's a real thrill and a tremendous honor to celebrate with neighbors and community leaders as this parish steps boldly into a new and expanded energy economy.  With tax revenue for local schools and governments, and clean affordable power for consumers, Bayou Galion is a winner for Louisianans near and far."

Ismael Guerrero, CEO of Recurrent Energy, emphasized, "The successful completion of Bayou Galion Solar marks a significant milestone for Recurrent Energy—our first project in Louisiana. This $160 million investment not only brings clean, reliable power to the region, but also drives local economic development, creates jobs, and strengthens the state's energy infrastructure. We are honored by the trust placed in us by Morehouse Parish. Louisiana has long been an energy leader. We look forward to deepening our partnerships as we develop and operate projects across the state."

Recurrent Energy previously announced that Mitsubishi UFJ Financial Group, Inc. (MUFG) acted as Coordinating Lead Arranger for the project financing totaling $160 million. Primoris Renewables Energy, Inc. completed construction of Bayou Galion Solar with the support of local vendors.

[1] https://seia.org/state-solar-policy/louisiana-solar/

About Recurrent Energy

Recurrent Energy, a subsidiary of Canadian Solar Inc., is one of the world's largest and most geographically diversified utility-scale solar and energy storage project development, ownership, and operations platforms. With an industry-leading team of in-house energy experts, Recurrent Energy serves as Canadian Solar's global development and power services business. To date, Recurrent Energy has successfully developed, built, and connected 11 GWp of solar projects and more than 3 GWh of energy storage projects across six continents. As of December 2024, its project development pipeline includes over 25 GWp of solar and 75 GWh of energy storage capacity.

About Canadian Solar Inc. 

Canadian Solar is one of the world's largest solar technology and renewable energy companies. Founded in 2001 and headquartered in Kitchener, Ontario, the Company is a leading manufacturer of solar photovoltaic modules; provider of solar energy and battery energy storage solutions; and developer, owner, and operator of utility-scale solar power and battery energy storage projects. Over the past 24 years, Canadian Solar has successfully delivered nearly 150 GW of premium-quality, solar photovoltaic modules to customers across the world. Through its subsidiary e-STORAGE, Canadian Solar has shipped over 10 GWh of battery energy storage solutions to global markets as of December 31, 2024, boasting a US$3.2 billion contracted backlog as of December 31, 2024. Since entering the project development business in 2010, Canadian Solar has developed, built, and connected approximately 11.5 GWp of solar power projects and 4.5 GWh of battery energy storage projects globally. Its geographically diversified project development pipeline includes 25 GWp of solar and 75 GWh of battery energy storage capacity in various stages of development. Canadian Solar is one of the most bankable companies in the solar and renewable energy industry, having been publicly listed on the NASDAQ since 2006. For additional information about the Company, follow Canadian Solar on LinkedIn or visit www.canadiansolar.com.

Canadian Solar Inc. Investor Relations Contact
Wina Huang
Investor Relations
Canadian Solar Inc.
investor@canadiansolar.com 

Recurrent Energy Media Inquiries
Inés Arrimadas
Recurrent Energy
comm_@recurrentenergy.com 

View original content:https://www.prnewswire.com/news-releases/recurrent-energy-announces-successful-operation-of-127-mw-solar-project-in-louisiana-302433224.html

SOURCE Canadian Solar Inc.

FAQ

What is the capacity and location of Canadian Solar's (CSIQ) new Bayou Galion Solar project?

The Bayou Galion Solar project is a 127 MWdc facility located in Morehouse Parish, Northeast Louisiana.

How many homes can the Bayou Galion Solar project power annually?

The project generates enough electricity to power approximately 20,500 homes annually.

What was the total investment value of CSIQ's Bayou Galion Solar project?

The total investment for the Bayou Galion Solar project was $160 million.

When did Canadian Solar's Bayou Galion Solar project begin commercial operations?

The Bayou Galion Solar project commenced operations in November 2024.

What is the total solar investment in Louisiana as of 2024?

By the end of 2024, cumulative solar investment in Louisiana reached more than $2 billion.