Recurrent Energy Secures USD 70 Million Financing for Jaiba III Solar Project in Brazil

Recurrent Energy has successfully secured 343 million Brazilian reais, equivalent to approximately USD 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 Jaiba III project, boasting a capacity of 152 MWp, will benefit from financing over a 22-year period, covering both construction and operation phases. Notably, the debt, indexed to the National Consumer Price Index (IPCA), offers inflation-adjusted terms, aligning capital and resources with the Brazilian economy.

Securing a 15-year, inflation-adjusted power purchase agreement (PPA) through a private auction with Usiminas, Brazil's leading flat steel company, adds further stability to the project. Currently under construction, Jaiba III is anticipated to commence operations in the fourth quarter of 2024, contributing to Brazil's renewable energy landscape and generating employment opportunities with nearly 900 workers engaged in its development.

Powered by Canadian Solar’s high-efficiency BiHiKu modules, Jaiba III is expected to mitigate approximately 150,000 tons of carbon dioxide emissions annually, furthering Brazil's sustainability goals.

Ismael Guerrero, CEO of Recurrent Energy, expressed satisfaction with the ongoing partnership with BNB, emphasizing Brazil's commitment to sustainable energy initiatives. He remarked, "Brazil’s steadfast commitment to sustainable public sector initiatives for clean and affordable solar energy infrastructure has solidified its position as the largest renewable energy market in Latin America." Guerrero highlighted BNB's continuous support as a testament to the long-term potential of Brazil's renewable energy sector.

Recurrent Energy boasts a strong presence in Latin America, with ownership or operation of approximately 2 GWp of solar projects. The company's active development pipeline, comprising 5 GWp of solar projects and 2 GWh storage projects, highlights its commitment to advancing renewable energy solutions across the region. 

With offices strategically located in Bogotà, Mexico City, Santiago, and São Paulo, Recurrent Energy remains poised to drive sustainable energy initiatives in Latin America and beyond.