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Recurrent Energy Secures 343 Million Brazilian Reais Financing for 152 MW Solar Project in Brazil
Last canadian solar inc. - common shares earnings: 3/26 06:00 am
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US:NASDAQ Investor Relations: investors.canadiansolar.com
GUELPH, ON, April 15, 2024 /PRNewswire/ -- Recurrent Energy, a global developer and owner of solar and energy storage assets, announced today that it has secured 343 million Brazilian reais (approximately $70 million) of non-recourse project financing from Banco do Nordeste do Brasil S.A. (BNB) for its Jaiba III solar project in Brazil.The 152 MWp Jaiba III project will be financed over a 22-year period spanning both construction and operation phases. Linked to the National Consumer Price Index (IPCA), the inflation-adjusted debt will enable better capital and resource alignment with the Brazilian economy.Recurrent has secured a 15-year, inflation-adjusted power purchase agreement (PPA) for Jaiba III through a private auction with Usiminas, the leading flat steel company in Brazil. Currently under construction, the project employs nearly 900 people and is expected to be in operation in the fourth quarter of 2024. Jaiba III is powered by Canadian Solar's high efficiency BiHiKu modules
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