Renewable energy developer Recurrent Energy has signed a power purchase agreement (PPA) with an unnamed US tech company for a solar project in northern Spain.
The firm – the solar project development subsidiary of major solar manufacturer Canadian Solar – announced the ten-year PPA today with a “major” US tech firm. The unnamed offtaker will buy power from the 300MW Tordesillas PV project in Valladolid, in the Northern Spanish autonomous community of Castilla y Léon.
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The site is expected to begin commercial operations in 2026. Recurrent Energy said that it will retain ownership of the site once it begins generating power; the company announced plans to shift towards an independent power producer (IPP) model earlier this year, which would see it begin to own and operate its projects rather then sell them upon completion. A US$500 million equity investment from BlackRock, the world’s largest asset owner, secured earlier this year was intended to facilitate this change.
Ismael Guerrero, CEO of Recurrent Energy, said: “We are very pleased to continue to support leading technology companies in their commitments to achieve net zero carbon emissions.”
Technology companies have become major drivers of demand for solar and energy storage and created a lot of business for developers in the space. Data from the US trade body Solar Energies Industry Association (SEIA) showed that tech and data giants Amazon, Meta and Google were among the leading buyers of solar energy in the US this year.
In its parent company’s financial results for Q3 2024, Recurrent Energy was shown to have a total global solar project pipeline of 26GWp and an energy storage pipeline of 66GWh.
