Microsoft Partners with Recurrent Energy for Louisiana Solar Project
- Recurrent Energy secures $160M financing for Bayou Galion Solar project in Louisiana, with Microsoft purchasing all energy to support its carbon-negative goal. Louisiana set to become a major player in solar energy with projected 3,000 MW increase.
Recurrent Energy, a subsidiary of Canadian Solar, has secured $160 million in project financing for its Bayou Galion Solar project in Northeast Louisiana. The project, which is currently under construction, is expected to be operational by fall 2024. Microsoft Corporation has agreed to purchase 100% of the energy and renewable energy credits produced by the project to support its goal of being carbon negative by 2030. The financing was coordinated by Mitsubishi UFJ Financial Group.
Louisiana currently has 145 MW of operating wind, solar, and energy storage capacity. However, projections indicate that the state will add over 3,000 MW of solar energy within the next five years, significantly increasing its solar capacity and ranking it 19th in the sector.
What is the projected increase in solar capacity for Louisiana in the next five years?
- Louisiana is projected to add over 3,000 MW of solar energy capacity in the next five years.
- This increase in solar capacity will significantly boost the state's ranking in the sector, placing it at 19th.
- The Bayou Galion Solar project, currently under construction, is expected to contribute to this increase in solar capacity.
- Microsoft Corporation has committed to purchasing 100% of the energy and renewable energy credits produced by the Bayou Galion Solar project.
- The financing for the Bayou Galion Solar project, amounting to $160 million, was coordinated by Mitsubishi UFJ Financial Group.
- Louisiana's goal of expanding its solar capacity aligns with Microsoft's aim of becoming carbon negative by 2030.