Brazil: Soltec sells 400MW site, Recurrent Energy finances 152MW PV project

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Recurrent Energy said that it currently owns a roughly 5GW portfolio of development and operational solar assets across Latin America. Image: Recurrent Energy

Two solar PV developers have closed financial deals for projects in Brazil this week .

Soltec sells 400MW PV project

Spanish solar PV developer and tracker supplier Soltec has sold a 400MW Brazilian solar PV project to renewable energy company Casa dos Ventos.

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The project is located in the state of Mato Grosso do Sul, in central-west Brazil. Soltec did not disclose the financial details of the sale.

The company said that, as of the end of 2023, it had 6.4GW of solar PV assets in Brazil at various stages of development. In September last year, Soltec supplied 412MW of its solar trackers in a deal with Brazilian energy company CET Brazil for a project in the eastern state of Minas Gerais.

Soltec CEO Raúl Morales called Brazil a “strategic market” for the company.

In addition to its operations in South America, Soltec is seeking to expand its presence in the US. Morales spoke with PV Tech Premium in October last year about the company’s plans to double its US revenue as a result of the “unprecedented interest” in the solar market following the Inflation Reduction Act (IRA).

Recurrent Energy bags US$67 million for 152MW site

Elsewhere in the country, solar developer Recurrent Energy – the project arm of Chinese silicon solar PV manufacturer Canadian Solar – secured BRL343 million (US$67 million) to support a 152MW PV project.

The Jaiba III solar project has a 15-year power purchase agreement (PPA) in place with Brazilian steel company Usiminas. It is expected to be online in the fourth quarter of 2024, when it will deploy Canadian Solar’s BiHiKu modules. Recurrent did not confirm whether Jaiba III would feature the passivated emitter/rear contact (PERC) or the tunnel oxide passivated contact (TOPCon) iterations of the BiHiKu panels.

The financing was delivered through non-recourse project financing from Banco do Nordeste do Brasil, a regional development bank headquartered in Ceara, northeastern Brazil.

Recurrent said that it currently owns a roughly 5GW portfolio of development and operational solar assets across Latin America.

Earlier this month, the company secured a €110 million (US$117 million) finance facility to support the development of its global solar PV and energy storage pipeline. The money will also support Recurrent’s ongoing transition from a project developer to an independent power producer (IPP), which develops, builds, owns and sells the power from its own generation assets.

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