Renewable energy, SPIC capacity 360 MW Brazilian photovoltaic power plant

A long-term power purchase agreement (PPA) has been secured for 75% of the energy generated by the solar plant.

Recurrent Energy owns 30% of the project, with the remaining 70% owned by SPIC Brazil – a subsidiary of the State Power Investment Corporation of China (SPIC) – which it acquired in 2022 along with another solar plant – the Panati-Sitiá project, with a peak capacity of 292 MW and is located in the neighboring state of Ceará.

Ismael Guerrero, CEO of Recurrent Energy, added: “This launch underlines our commitment to expanding renewable energy generation in Brazil, providing the country with clean and sustainable energy solutions.”

With the inauguration of this project in Brazil, the solar developer continues to expand its presence in Latin America, where it has more than 4 GW of projects under development as of the end of March 2024. The company has operational projects in Brazil, Mexico, Argentina, and Colombia.

Canadian Solar’s subsidiary recently secured a €674 million ($724 million) revolving credit facility aimed at expanding the company’s European solar and battery storage portfolio.

The financing will support photovoltaic projects with a capacity of almost 1 GW, the “vast majority” of which will be built in Spain. Earlier this month, Recurrent Energy completed an initial investment from asset manager BlackRock, which will invest $500 million in the solar developer and represent a 20% minority stake. This investment will allow the company to transform from a developer into an independent energy producer (IPP).