Recurrent Energy, a subsidiary of Canadian Solar, has inaugurated the 446 MWp / 360 MWac Marangatu Solar Complex in Brasileira, Brazil. SPIC owns 70 percent of the project, while Recurrent Energy owns the remaining 30 percent.
Marangatu Solar Complex, developed by Recurrent Energy, was energized in April 2024 after 14 months of construction. 75 percent of the energy generated is secured through power purchase agreements (PPAs). The complex will generate enough electricity to power approximately 550,000 homes annually. Additionally, the project created around 1,500 direct jobs and 500 indirect jobs.
Adriana Waltrick, CEO of SPIC Brasil, commented, “It is increasingly urgent that we accelerate the energy transition process by contributing to the Brazilian electric sector and reinforcing our leadership in renewable energy.”
Ismael Guerrero, CEO of Recurrent Energy, said: “This inauguration underscores our commitment to expanding renewable energy generation in Brazil, providing clean, sustainable energy solutions for the country.”
Recurrent Energy is expanding in Latin America, with over 4 GW of project development pipeline as of March 31, 2024. Recurrent Energy’s solar power projects are located across Brazil, Mexico, Argentina, and Colombia, with new projects emerging in Chile, Peru, the Dominican Republic, and Puerto Rico.