Recurrent Energy 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 and will displace approximately 150,000 tons of carbon dioxide annually.
Ismael Guerrero, CEO of Recurrent Energy, said, "We are pleased to extend our long-standing partnership with BNB. 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. BNB's enduring participation in our solar portfolio reinforces our confidence in the long-term potential of Brazil's renewable energy sector."
Recurrent owns or operates approximately 2 GWp of solar projects across Latin America. These projects are either in operation or planned to reach commercial operation date in 2024. With offices in Bogotà, Mexico City, Santiago, and São Paulo, Recurrent maintains an active development pipeline of 5 GWp of solar projects and 2 GWh storage projects in Latin America.