– Recurrent Energy secured R$343 million in project financing from Banco do Nordeste do Brasil S.A. for its Jaiba III solar project in Brazil
– The project will be financed over a 22-year period and has a 15-year power purchase agreement with Usiminas
– The Jaiba III project, powered by Canadian Solar modules, is expected to be operational in 4Q24 and will displace approximately 150,000 tons of carbon dioxide annually.
Recurrent Energy has secured R$343 million (approximately US$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 project will be financed over a 22-year period, with inflation-adjusted debt linked to the National Consumer Price Index (IPCA). This will better align capital and resources with the Brazilian economy. The 152 MWp Jaiba III project has a 15-year, inflation-adjusted power purchase agreement with Usiminas and is expected to be operational in 4Q24. It will be powered by Canadian Solar’s high efficiency BiHiKu modules and is estimated to displace approximately 150,000 tons of carbon dioxide.
Ismael Guerrero, CEO of Recurrent Energy, expressed his company’s satisfaction in extending their partnership with BNB and emphasized Brazil’s commitment to sustainable public sector initiatives in the renewable energy sector. He highlighted BNB’s participation in their solar portfolio as a sign of confidence in Brazil’s long-term potential for renewable energy. The latest issue of Energy Global magazine features technical articles on battery storage sites, renewables in Europe, electrical infrastructure, turbine monitoring, battery storage technology, coatings, and more. This reflects the ongoing developments in the global renewable industry.