Recurrent Energy Secures 490 Million Brazilian Reais Financing for Ciranda Cluster in Brazil

Recurrent Energy, a global solar and energy storage developer, has successfully secured 490 million Brazilian reais (about US$100 million) in non-recourse project financing for its 300 MW Ciranda Solar Power Cluster in Brazil. Having been completed in August 2023, the Ciranda Cluster is now under the long-term ownership and operation of Recurrent Energy.

In the private placement, Ciranda Phase I issued a BRL 285 million bond with investment funds managed by Vinci Partners, while Ciranda Phase II obtained a BRL 205 million facility from Banco Nacional de Desenvolvimento Econômico e Social (BNDES). Both financings are indexed to the National Consumer Price Index (IPCA), aligning debt costs with the inflation-indexed operating cash flows of the projects.

Speaking about the development, Ismael Guerrero, CEO of Recurrent Energy, said, “We are pleased to extend our long-standing partnership with BNDES and reinforce our presence in the Brazilian capital markets. Brazil has established itself as the largest renewable energy market in Latin America, and BNDES’s and Vinci’s participation in the funding of our solar portfolio represent a vote of confidence in the leadership position we have established in Brazil’s renewable energy sector.”