{"id":1375,"date":"2023-12-06T15:07:58","date_gmt":"2023-12-06T06:07:58","guid":{"rendered":"https:\/\/canadiansolar-energy.co.jp\/en\/news_release\/?p=1375"},"modified":"2023-12-06T15:07:58","modified_gmt":"2023-12-06T06:07:58","slug":"recurrent-energy-receives-490-million-brazilian-reais-financing-for-ciranda-cluster-in-brazil","status":"publish","type":"post","link":"https:\/\/canadiansolar-energy.co.jp\/en\/news_release\/2023\/1375.html","title":{"rendered":"Recurrent Energy Receives 490 Million Brazilian Reais Financing for Ciranda Cluster in Brazil"},"content":{"rendered":"\n<p>GUELPH, ON,&nbsp;Nov. 22, 2023&nbsp;\/PRNewswire\/ &#8212;&nbsp;<a href=\"https:\/\/recurrentenergy.com\/\" target=\"_blank\" rel=\"noreferrer noopener\">Recurrent Energy<\/a>, a global developer and owner of solar and energy storage assets, announced today that it has fully&nbsp;received&nbsp;490 million Brazilian reais (approximately&nbsp;US$100 million) of non-recourse project financing for its 300 MW Ciranda Solar Power Cluster (Ciranda Cluster)&nbsp;in&nbsp;Brazil. Completed in&nbsp;August 2023, Ciranda Cluster was developed by Recurrent Energy, who is now the long-term owner and operator of Ciranda Cluster.<\/p>\n\n\n\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p>Ciranda Phase I issued a\u00a0BRL 285 million\u00a0bond in a private placement with investment funds managed by\u00a0Vinci Partners\u00a0(NASDAQ: VINP), a leading alternative investment platform in\u00a0Brazil, while Ciranda Phase II secured a\u00a0BRL 205 million\u00a0facility with Banco Nacional de Desenvolvimento Econ\u00f4mico e Social (BNDES), a\u00a0Brazil-based state-owned development bank. Both financings are inflation-indexed to the National Consumer Price Index (IPCA), aligning cost of debt with the inflation-indexed operating cash flows of the projects.\u00a0<\/p>\n\n\n\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p><strong>Ismael Guerrero, CEO of Recurrent Energy<\/strong>,\u00a0said, &#8220;We are pleased to extend our long-standing partnership with BNDES and reinforce our presence in the Brazilian capital markets.\u00a0Brazil\u00a0has established itself as the largest\u00a0renewable energy market\u00a0in\u00a0Latin America, and BNDES&#8217;s and Vinci&#8217;s participation in the funding of our solar portfolio represent a vote of confidence in the leadership position we have established in\u00a0Brazil&#8217;s\u00a0renewable energy sector.&#8221;<\/p>\n\n\n\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p>Ciranda Cluster is fully operating and powered by\u00a0Canadian Solar&#8217;s\u00a0high efficiency\u00a0<a rel=\"noreferrer noopener\" href=\"https:\/\/www.csisolar.com\/module\" target=\"_blank\">BiHiKu<\/a>\u00a0modules. Both Ciranda Phase I and Ciranda Phase II projects won in a private auction held by COPEL Energia, one of the top 10 energy trading companies in\u00a0Brazil, with a 15-year, inflation-adjusted PPA.<\/p>\n\n\n\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p><strong>About Recurrent Energy<\/strong><\/p>\n\n\n\n<p>Recurrent Energy is one of the world&#8217;s largest and most geographically diversified utility-scale solar and energy storage project development, ownership and operations platforms.&nbsp;With an industry-leading team of in-house energy experts, Recurrent Energy is a wholly-owned subsidiary of&nbsp;<a href=\"https:\/\/www.canadiansolar.com\/\" target=\"_blank\" rel=\"noreferrer noopener\">Canadian Solar Inc.<\/a>\u202fand functions as&nbsp;Canadian Solar&#8217;s&nbsp;global development and power services business. Additional details are available at&nbsp;<a href=\"https:\/\/www.recurrentenergy.com\/\" target=\"_blank\" rel=\"noreferrer noopener\">www.recurrentenergy.com<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>GUELPH, ON,&nbsp;Nov. 22, 2023&nbsp;\/PRNewswire\/ &#8212;&nbsp;Recurrent Energy, a global developer and owner o [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[],"class_list":["post-1375","post","type-post","status-publish","format-standard","hentry","category-finance"],"_links":{"self":[{"href":"https:\/\/canadiansolar-energy.co.jp\/en\/news_release\/wp-json\/wp\/v2\/posts\/1375","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/canadiansolar-energy.co.jp\/en\/news_release\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/canadiansolar-energy.co.jp\/en\/news_release\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/canadiansolar-energy.co.jp\/en\/news_release\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/canadiansolar-energy.co.jp\/en\/news_release\/wp-json\/wp\/v2\/comments?post=1375"}],"version-history":[{"count":2,"href":"https:\/\/canadiansolar-energy.co.jp\/en\/news_release\/wp-json\/wp\/v2\/posts\/1375\/revisions"}],"predecessor-version":[{"id":1377,"href":"https:\/\/canadiansolar-energy.co.jp\/en\/news_release\/wp-json\/wp\/v2\/posts\/1375\/revisions\/1377"}],"wp:attachment":[{"href":"https:\/\/canadiansolar-energy.co.jp\/en\/news_release\/wp-json\/wp\/v2\/media?parent=1375"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/canadiansolar-energy.co.jp\/en\/news_release\/wp-json\/wp\/v2\/categories?post=1375"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/canadiansolar-energy.co.jp\/en\/news_release\/wp-json\/wp\/v2\/tags?post=1375"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}