Recurrent Energy, a subsidiary of Canadian Solar, closed project financing and tax equity amounting to $260 million for Blue Moon Solar, a 94 MW solar power plant located in Harrison County. It will produce enough electricity to power approximately 14,000 homes annually, Recurrent reports.
The tax equity and construction financing, totaling $260 million, was provided by U.S. Bank.
“We believe everyone has a role to play in creating a sustainable future, and financing a project like Blue Moon is one way we can be responsible stewards of the environment,” said Darren Van’t Hof, managing director of environment finance for U.S. Bancorp Impact Finance. “Blue Moon Solar is one of several projects we’ve financed for Recurrent Energy, and we’re proud to support its work to expand sources of clean energy, strengthen the energy grid, and drive local job creation.”
Constellation will purchase power and renewable energy certificates produced by the energy facility under a power purchase agreement with Recurrent Energy.
Located in Harrison County, Kentucky, construction began in March 2023 and it is expected to reach commercial operation in 2026. The project sits on land of approximately 1,581 acres, with an estimated final footprint of about 651 acres. Recurrent Energy will own and operate the project after it is energized.
“Harrison County is open to investment, and we are pleased to work with Recurrent Energy on their newest energy facility. Blue Moon Solar will provide a major source of new tax revenue to our county,” said Jason Marshall, Harrison County Judge/Executive.
Blue Moon Solar is Recurrent Energy’s first project in Kentucky. It is expected to create hundreds of construction jobs and generate what Recurrent estimates to be $2.4 million in total taxes, including $1.4 million for Harrison County. Through its Community CaRE Program, Recurrent Energy has donated to local organizations including the Harrison Memorial Hospital Foundation, as well as community events.
Recurrent Energy, a utility-scale solar and energy storage project development, ownership, and operations platform, has developed, built and connected approximately 12 GW of solar projects and 6 GWh of energy storage projects across six continents.
Kentucky is ranked 38th in the nation for solar capacity, according to the Solar Energy Industries Association (SEIA). At 94 MW, the Blue Moon solar plant will give a boost to Kentucky’s installed solar, which SEIA estimates currently stands at 866 MW, meeting just 0.79% of the state’s electricity needs with solar.
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