Recurrent Energy has secured 343 million Brazilian reais (approximately $70 million) in non-recourse project financing from Banco do Nordeste do Brasil (BNB) for its Jaiba III solar project in Brazil.
The Jaiba III project, with a capacity of 152 MWp, will benefit from financing spanning a 22-year period, covering both construction and operational phases. The debt, indexed to the National Consumer Price Index (IPCA), offers inflation-adjusted terms, aligning capital and resources with the Brazilian economy.
Recurrent Energy has inked a 15-year, inflation-adjusted power purchase agreement (PPA) for Jaiba III through a private auction with Usiminas, Brazil’s leading flat steel company.
Currently undergoing construction, the project has provided employment to nearly 900 individuals and is slated to commence operations in the fourth quarter of 2024. Jaiba III, powered by Canadian Solar’s high-efficiency BiHiKu modules, is projected to mitigate approximately 150,000 tons of carbon dioxide emissions annually.
Ismael Guerrero, CEO of Recurrent Energy, expressed satisfaction in extending the company’s enduring partnership with BNB. Guerrero highlighted Brazil’s unwavering commitment to sustainable public sector initiatives, positioning it as the largest renewable energy market in Latin America. The continued participation of BNB in Recurrent’s solar portfolio underscores confidence in Brazil’s renewable energy sector’s long-term potential.
Recurrent Energy boasts ownership or operation of approximately 2 GWp of solar projects across Latin America, either operational or planned for commercial operation by 2024. With offices strategically located in Bogotà , Mexico City, Santiago, and São Paulo, Recurrent maintains an active development pipeline comprising 5 GWp of solar projects and 2 GWh storage projects in Latin America.