Recurrent Energy secures financing for solar project in Brazil
Published by Jessica Casey,
Editor
Energy Global,
Recurrent Energy, a global developer and owner of solar and energy storage assets, has secured R$343 million (approximately US$70 million) of non-recourse project financing from Banco do Nordeste do Brasil S.A. (BNB) for its Jaiba III solar project in Brazil.
The 152 MWp Jaiba III project will be financed over a 22-year period spanning both construction and operation phases. Linked to the National Consumer Price Index (IPCA), the inflation-adjusted debt will enable better capital and resource alignment with the Brazilian economy.
Recurrent has secured a 15-year, inflation-adjusted power purchase agreement (PPA) for Jaiba III through a private auction with Usiminas, the leading flat steel company in Brazil. Currently under construction, the project employs nearly 900 people and is expected to be in operation in 4Q24. Jaiba III is powered by Canadian Solar's high efficiency BiHiKu modules and will displace approximately 150 000 tpy of carbon dioxide.
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.”
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Read the article online at: https://www.energyglobal.com/solar/22042024/recurrent-energy-secures-financing-for-solar-project-in-brazil/
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