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 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.
About Recurrent Energy
Recurrent Energy is one of the world's largest and most
geographically diversified utility-scale solar and energy storage
project development, ownership and operations platforms. With
an industry-leading team of in-house energy experts, Recurrent
Energy is a wholly-owned subsidiary of Canadian Solar Inc. and
functions as Canadian Solar's global development and power services
business. Additional details are available
at www.recurrentenergy.com.
About Canadian Solar
Canadian Solar was founded in 2001 in Canada and
is one of the world's largest solar technology and renewable energy
companies. It is a leading manufacturer of solar photovoltaic
modules, provider of solar energy and battery energy storage
solutions, and developer of utility-scale solar power and battery
energy storage projects with a geographically diversified pipeline
in various stages of development. Over the past 22
years, Canadian Solar has successfully delivered over 118
GW of premium-quality, solar photovoltaic modules to customers
across the world. Likewise, since entering the project development
business in 2010, Canadian Solar has developed, built,
and connected around 10 GWp of solar power projects and 3.3 GWh of
battery energy storage projects across the world. Currently, the
Company has approximately 1 GWp of solar power projects in
operation, 7.4 GWp of projects under construction or in backlog
(late-stage), and an additional 19.9 GWp of projects in
advanced and early-stage pipeline. In addition, the Company has 600
MWh of battery energy storage projects in operation and a total
battery energy storage project development pipeline of
approximately 55 GWh, including approximately 3.5 GWh under
construction or in backlog, and an additional 51 GWh at advanced
and early-stage development. Canadian Solar is one of the
most bankable companies in the solar and renewable energy industry,
having been publicly listed on the NASDAQ since 2006. For
additional information about the Company, follow Canadian
Solar on LinkedIn or
visit www.canadiansolar.com.
Safe Harbor/Forward-Looking Statements
Certain statements in this press release are forward-looking
statements that involve a number of risks and uncertainties that
could cause actual results to differ materially. These statements
are made under the "Safe Harbor" provisions of the U.S. Private
Securities Litigation Reform Act of 1995. In some cases, you can
identify forward-looking statements by such terms as "believes,"
"expects," "anticipates," "intends," "estimates," the negative of
these terms, or other comparable terminology. Factors that could
cause actual results to differ include general business, regulatory
and economic conditions and the state of the solar and battery
storage market and industry; geopolitical tensions and conflicts,
including impasses, sanctions and export controls; volatility,
uncertainty, delays and disruptions related to the COVID-19
pandemic; supply chain disruptions; governmental support for the
deployment of solar power; future available supplies of high-purity
silicon; demand for end-use products by consumers and inventory
levels of such products in the supply chain; changes in demand from
significant customers; changes in demand from major markets, such
as Japan, the U.S., China, Brazil
and Europe; changes in effective
tax rates; changes in customer order patterns; changes in product
mix; changes in corporate responsibility, especially environmental,
social and governance ("ESG") requirements; capacity utilization;
level of competition; pricing pressure and declines in or failure
to timely adjust average selling prices; delays in new product
introduction; delays in utility-scale project approval process;
delays in utility-scale project construction; delays in the
completion of project sales; continued success in technological
innovations and delivery of products with the features that
customers demand; shortage in supply of materials or capacity
requirements; availability of financing; exchange and inflation
rate fluctuations; litigation and other risks as described in the
Company's filings with the Securities and Exchange Commission,
including its annual report on Form 20-F filed on April 18, 2023. Although the Company believes
that the expectations reflected in the forward-looking statements
are reasonable, it cannot guarantee future results, level of
activity, performance, or achievements. Investors should not place
undue reliance on these forward-looking statements. All information
provided in this press release is as of today's date, unless
otherwise stated, and Canadian Solar undertakes no duty to update
such information, except as required under applicable law.
Canadian Solar Inc. Investor Relations
Contacts
Wina Huang
Investor Relations
Canadian Solar Inc.
investor@canadiansolar.com
Recurrent Energy Media Inquiries
Ally Copple
Innovant Public Relations
713-201-8800
Ally@InnovantPR.com
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SOURCE Canadian Solar Inc.