Recurrent Energy, a solar project developer and a wholly-owned subsidiary of Canadian Solar, secured 343 million Brazilian Reais (~$70 million) of non-recourse project financing from Banco do Nordeste do Brasil (BNB) for the Jaiba III solar project in Brazil.
The Jaiba III project, with a total installed capacity of 152 MW, will be financed over 22 years, spanning both the construction and operation phases. The solar project will feature Canadian Solar’s BiHiKu modules. The project is currently under construction and is expected to be operational in Q4 2024. Once operational, the clean electricity generated will displace approximately 150,000 tons of carbon dioxide annually.
The company has secured a 15-year inflation-adjusted power purchase agreement (PPA) for the project through a private auction with Usiminas, a steel company in Brazil.
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.”
The company recently announced the acquisition of a solar PV portfolio with more than 420 MW capacity in South Spain. The portfolio, located in Carmona, consists of a cluster of four projects, Rey I, II, III, and IV, which are currently under construction and will feature Canadian Solar’s TopBiHiKu7 N-type bifacial TOPCon technology modules.
According to Mercom’s recently released Q1 2024 Solar Funding and M&A report, large-scale project funding announced in Q1 2024 came to $13 billion in 62 deals, a decrease of 24% QoQ compared to $17.1 billion in 60 deals in Q4 2023.
