Recurrent Energy, a division of Canadian Solar Inc. and a worldwide developer, owner, and operator of solar and energy storage assets, declared today that it has completed Blue Moon Solar’s project finance and tax equity. For the project, U.S. Bank is contributing $260 million in construction finance and tax equity through its subsidiary U.S. Bancorp Impact Finance.
The 94 MW energy project will produce power and renewable energy credits that Constellation will buy under a power purchase agreement with Recurrent Energy. Currently under development, Blue Moon Solar is anticipated to begin commercial operations in 2026 and is situated in Harrison County, Kentucky. Once the project is activated, it will be owned and managed by Recurrent Energy.
Jason Marshall, Harrison County Judge/Executive, stated, “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.”
“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,” stated Darren Van’t Hof, Managing Director of Environment Finance for U.S. Bancorp Impact Finance. “Our team’s ability to offer both equity financing and project finance debt speaks to U.S. Bank’s ability to provide custom financing solutions for our clients. 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.”
Ismael Guerrero, CEO of Recurrent Energy, attached, “We are pleased to invest in Harrison County, Kentucky. Blue Moon Solar will generate affordable, locally produced energy that will support Kentucky’s economic growth. We are excited to complete the financing for Blue Moon Solar and grow our investments in Kentucky, thanks to U.S. Bank and Constellation for supporting our energy projects.”
Blue Moon Solar is Recurrent Energy’s first project in Kentucky. It is expected to create hundreds of construction jobs and generate significant tax revenue for the local community. Through its Community CaRE Program, Recurrent Energy has donated to local organizations including the Harrison Memorial Hospital Foundation, as well as community events.
