Recurrent Energy has announced the successful closure of project financing and tax equity for its Fort Duncan Storage project. Located in Maverick County, Texas, this 200 MWh storage project is currently under construction and is expected to begin commercial operations by the summer of 2025, supporting ERCOT’s peak power demand.
Fort Duncan Storage will operate on a merchant basis, storing and dispatching electricity to the ERCOT grid in response to market needs. The project’s two-hour storage cycle will generate enough power to serve up to 66,100 households. Once operational, Fort Duncan Storage will be owned and operated by Recurrent Energy and will contribute millions of dollars in tax revenue to support local community services.
e-STORAGE is supplying the energy storage systems for the project, while Burns & McDonnell is overseeing its construction, which will peak with 75 workers on site.Ismael Guerrero, CEO of Recurrent Energy, said, “As Texas adds record amounts of generation to support economic growth and AI-driven demand, energy infrastructure projects like Fort Duncan Storage are making the Texas grid more reliable and resilient. Thank you to our partners at Nord/LB and Greenprint for their innovative partnership on these transactions. We are pleased to support the growing Texas economy with infrastructure that improves reliability and supports the use of low-cost renewable energy.”
Sondra Martinez, Managing Director, said, “Nord/LB is excited to have supported Recurrent Energy on the Fort Duncan financing. This transaction highlights the longstanding relationship between our firms and our ability to work together on creative financing structures to advance our shared commitment to the clean energy transition. Nord/LB is proud to be a trusted partner, leveraging our ERCOT market knowledge and battery storage expertise, to bring this transaction to a successful close.”
Peter DeFazio, Managing Partner of Greenprint Capital, said, “The Fort Duncan Storage project exemplifies how strategic investments in clean energy infrastructure can enhance grid reliability while generating strong financial returns. By leveraging tax equity, we’re enabling innovative energy solutions that support a more resilient and self-sufficient ERCOT grid. We are proud to partner with Recurrent Energy on this milestone project, reinforcing our commitment to accelerating the clean energy transition through scalable, high-impact investments.”
The project financing, led by Nord/LB, includes a construction and term loan, a tax equity bridge loan, and a letter of credit facility totaling $112 million. Recurrent Energy also secured a $71 million tax equity partnership with Greenprint Capital.
