Recurrent Energy has successfully secured $100 million in non-recourse project financing for its 300MW Ciranda Solar Power Cluster. The financing, a combination of a BRL 285 million bond from Ciranda Phase I and a BRL 205 million facility from Banco Nacional de Desenvolvimento Econômico e Social (BNDES) for Ciranda Phase II, marks a significant milestone for the Canadian solar and storage developer.
The Ciranda Cluster, completed in August 2023, stands as a testament to Recurrent Energy's commitment to sustainable energy solutions. The project, equipped with Canadian Solar's high-efficiency BiHiKu modules, is the result of a successful bid in a private auction held by COPEL Energia, one of Brazil's top 10 energy trading companies.
Aligning with the inflation-indexed National Consumer Price Index (IPCA), both financing agreements ensure a congruence between the cost of debt and the inflation-indexed operating cash flows of the Ciranda Phase I and Phase II projects. Vinci Partners, a leading alternative investment platform in Brazil, played a pivotal role in supporting the venture by managing the private placement bond investment.
Ismael Guerrero, the Chief Executive of Recurrent Energy, expressed satisfaction with the extended partnership with BNDES and highlighted the importance of reinforcing their presence in the Brazilian capital markets. Guerrero emphasized Brazil's emergence as the largest renewable energy market in Latin America and hailed the participation of BNDES and Vinci Partners in funding the solar portfolio as a vote of confidence in Recurrent Energy's leadership position in the sector.
See also: Recurrent Energy Signs Virtual Power Purchase Agreement for 100MW Solar Project in Texas
As Recurrent Energy continues to make strides in the renewable energy landscape, the Ciranda Cluster stands as a shining example of sustainable energy development, contributing to Brazil's green energy goals and solidifying the company's position as a key player in the region.
