Recurrent Energy closes financing on 119MW Mexico PV plant

The North Fork project, Recurrent Energy’s facility in Oklahoma. Image: Recurrent Energy

Recurrent Energy, the project development subsidiary of Chinese solar manufacturer Canadian Solar, has closed financing for the 119MW Horus Solar project in the region of Aguascalientes, Mexico.

The non-recourse project financing facility was delivered in two tranches totalling US$51 million. The majority (US$43 million) from Korea Eximbank (KEXIM), the official export credit agency of South Korea, and US$8 million from KEB Hana Bank, a South Korean bank.

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Recurrent Energy owns a 49% stake in the Horus project, whilst Canadian investment manager Sprott and the Korea Electric Power Corporation (KEPCO) own 36% and 15% respectively. The plant has been operational since March 2023, and was awarded a power purchase agreement (PPA) with the Mexican government during the country’s third renewable energy auction. The PPA will offtake 75% of the site’s produced power, leaving the remaining 25% to be sold on the spot market.

Canadian Solar’s BiHiKu bifacial, Passivated Emitter and Rear Contact (PERC) modules are deployed at the site.

The same modules are in place at Recurrent Energy’s 300MW Ciranda project in the eastern Brazilian state of Pernambuco. Recurrent secured US$100 million in financing for the site in November last year.

Canadian Solar predicted a dip in module shipments for Q4 2023 compared with the first nine months of the year. The company is fulfilling more and more of its capacity with tunnel oxide passivated contact (TOPCon) modules and cells, which CEO Shawn Qu said would constitute 60% by the end of the year.

In January 2024, the world’s largest asset manager – BlackRock – acquired a 20% minority stake in Recurrent Energy in exchange for US$500 million in equity investment. The funding will support Recurrent’s shift from solely developing to developing and owning projects across a number of markets “including the US and Europe”.

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