Recurrent Energy, the renewables developer arm of solar manufacturer Canadian Solar, has powered a 360MW solar PV plant in Brazil.
Located in the northern state of Piauí, the Marangatu solar project was developed and built in 14 months by Recurrent Energy. Solar trackers for the PV plant were provided by US tracker manufacturer Soltec.
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A long-term power purchase agreement (PPA) has been secured for 75% of the energy produced by the PV plant.
Recurrent Energy owns 30% of the project, while the remaining 70% is owned by SPIC Brazil – a subsidiary of State Power Investment Corporation of China (SPIC) – which it acquired in 2022 along with another solar PV plant, the Panati-Sitiá project, with a peak capacity of 292MW and is located in the neighbouring state of Ceará.
Ismael Guerrero, CEO of Recurrent Energy, added, “This inauguration underscores our commitment to expanding renewable energy generation in Brazil, providing clean, sustainable energy solutions for the country.”
With the inauguration of this project in Brazil, the solar developer continues to expand its presence in Latin America, where it has over 4GW of projects in development as of the end of March 2024. The company has operational projects in Brazil, Mexico, Argentina, and Colombia.
More recently, Canadian Solar’s subsidiary secured a €674 million (US$724 million) revolving credit facility aimed to expand the company’s European solar and battery energy storage system portfolio.
The financing will support nearly 1GW of solar PV projects with “the vast majority” to be developed in Spain. Earlier this month, Recurrent Energy made an initial closing on an investment by asset manager BlackRock which will invest US$500 million in the solar developer and represents a 20% minority ownership stake. This investment will allow the company to shift from a pure developer to an independent power producer (IPP).
