Recurrent Energy, a subsidiary of Canadian Solar, has announced the closure of non-recourse project financing for its 119 MW Horus Solar project located in the Aguascalientes region of Mexico.
The Horus Solar project, in which Recurrent owns a 49 percent stake, has attracted investment from partners including Korea Electric Power Corporation (KEPCO) and Sprott, who hold 15 percent and 36 percent shares respectively.
Recurrent Energy has secured financing through Korea Eximbank (KEXIM), South Korea’s official export credit agency, and KEB Hana Bank, one of the largest banks in South Korea, for the project.
The financing package is divided into two tranches, amounting to a total of $51 million. KEXIM has provided a $43 million facility, while KEB Hana Bank has contributed an $8 million facility.
Horus Solar secured a power purchase agreement (PPA) during Mexico’s third renewable energy auction, ensuring the sale of 75 percent of the electricity generated for a period of 15 years, along with Clean Energy Certificates for 20 years. The remaining 25 percent will be sold on the spot market. The project achieved Commercial Operation Date (COD) in March 2023 and has been operational since then.
The construction of the 119 MW solar project utilized Canadian Solar’s BiHiku bifacial modules.
Ismael Guerrero, CEO of Recurrent Energy, remarked, “The Horus project exemplifies the caliber of high-value projects we strive to develop and finance globally.”