Recurrent Energy Bolsters Solar Pipeline in Spain Through Acquisition of 420+ MWp Portfolio

Recurrent Energy, a subsidiary of Canadian Solar Inc., has acquired a solar PV portfolio in southern Spain, with a capacity exceeding 420 MWp. Presently, Recurrent Energy is engaged in various stages of project development in Spain and intends to commence construction on over 1 GW of solar projects across the nation in 2024.

Situated in Carmona, a municipality in Seville (Andalusia), the acquired portfolio consists of four projects: Rey I, II, III, and IV, collectively possessing a capacity exceeding 420 MWp. These projects are currently under construction and will feature Canadian Solar’s TopBiHiKu7 N-type bifacial TOPCon (Tunnel Oxide Passivated Contact) technology modules.

Upon completion, Project Rey will deliver renewable energy and generate economic and social benefits for the local community.

The Rey portfolio is anticipated to generate approximately 916,000 MWh of clean energy annually, catering to over 275,000 homes in the region and reducing around 184,000 tons of CO2 emissions.

Ismael Guerrero, CEO of Recurrent Energy, said, “The acquisition of this solar portfolio reflects our commitment to grow our assets both in Spain and around the world. While our goal is to strategically grow our development pipeline and assets under management through greenfield development, we continue to look for high-value acquisition opportunities. We are delighted to add the Rey projects to our growing portfolio.”