Recurrent Energy Receives $70 Million Financing for 152 MW Solar Project in Brazil

Recurrent Energy, a global solar and energy storage asset developer, announced securing 343 million Brazilian reais (around $70 million) in project financing from Banco do Nordeste do Brasil S.A. (BNB) for its Jaiba III solar project in Brazil. With a 22-year financing period covering construction and operation phases, the 152 MWp Jaiba III project is linked to the National Consumer Price Index (IPCA), aligning debt with the Brazilian economy.

A 15-year, inflation-adjusted power purchase agreement (PPA) with Usiminas, Brazil’s leading flat steel company, has been secured for Jaiba III through a private auction. Currently under construction, the project is anticipated to be operational in the fourth quarter of 2024, employing nearly 900 individuals. Powered by Canadian Solar’s high-efficiency BiHiKu modules, Jaiba III aims to offset approximately 150,000 tons of carbon dioxide annually.

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.”