Recurrent Energy, a worldwide developer and owner of solar and energy storage assets, raises $70 million in non-recourse project finance from Banco do Nordeste do Brasil S.A. (BNB) For its Jaiba III solar project in Brazil.
The financing of the 152 MWp Jaiba III project will take place over a 22-year timeframe that includes both the construction and operation stages. The inflation-adjusted debt, which is tied to the National Consumer Price Index (IPCA), will make it possible for resources and capital to be more in line with the Brazilian economy.
Through a private auction, Recurrent successfully negotiated a 15-year, inflation-adjusted power purchase agreement (PPA) with Usiminas, Brazil’s top flat steel manufacturer.
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The project, which is now under construction and will likely be operational in the fourth quarter of 2024, employs close to 900 people. Jaiba III will replace about 150,000 tonnes of carbon dioxide yearly and is powered by high efficiency BiHiKu modules from Canadian Solar.
Ismael Guerrero, CEO of Recurrent Energy, said, “We are pleased to extend our long-standing partnership with BNB. Brazil’s steadfast commitment to sustainable public sector initiatives for clean and affordable solar energy infrastructure has solidified its position as the largest renewable energy market in Latin America. BNB’s enduring participation in our solar portfolio reinforces our confidence in the long-term potential of Brazil’s renewable energy sector.”
About 2 GWp of solar plants are owned or operated by Recurrent throughout Latin America. Either these projects are currently under way or a commercial launch date of 2024 is scheduled.
Recurrent maintains an active development pipeline of 5 GWp of solar projects and 2 GWh storage projects in Latin America, with offices in Bogotà, Mexico City, Santiago, and São Paulo.
About Recurrent Energy
Recurrent Energy stands as one of the biggest and most geographically diverse platforms for utility-scale solar and energy storage project development, ownership, and operations in the world.
Canadian Solar Inc. completely owns Recurrent Energy, which serves as the company’s global development and power services division and employs an industry-leading team of in-house energy experts.
