Recurrent Energy secures financing for Jaiba III solar project in Brazil

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Recurrent Energy has obtained $70 million in 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 receive funding over a 22-year period, covering both construction and operation phases. Tied to the National Consumer Price Index (IPCA), the debt adjusted for inflation will facilitate improved alignment of capital and resources with the Brazilian economy.

Recurrent has got a 15-year power purchase agreement (PPA) for Jaiba III from Usiminas via a private auction. With construction underway, the project has created job opportunities for nearly 900 individuals and is planned to commence operations by the fourth quarter of 2024. Jaiba III will feature Canadian Solar’s BiHiKu modules and will displace approximately 150,000 tons of carbon dioxide annually.

In March 2024, Recurrent Energy acquired a solar PV portfolio in the south of Spain with a capacity of more than 420 MWp. The acquired portfolio is located in Carmona, a municipality in Seville (Andalusia) and consists of a cluster of four projects, Rey I, II, III and IV, with a total capacity of more than 420 MWp.

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