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GUELPH, Ontario, Nov. 22, 2023 /PRNewswire/ — Recurrent Energy, a global developer and owner of solar and energy park assets, announced today that it has won the total amount of 490 million Brazilian reais (approximately US$100 million) of Non-Recourse Guarantee. Project financing for its three-hundred-MW Ciranda solar energy cluster (Ciranda Cluster) in Brazil. Completed in August 2023, Ciranda Cluster evolved through Recurrent Energy, which is now the long-term owner and operator of Ciranda Cluster.
Ciranda Phase I issued a BRL 285 million bond in a personal placement with a controlled investment budget through Vinci Partners (NASDAQ: VINP), one of Brazil’s leading investment platforms, while Ciranda Phase II received a BRL 205 million credit facility from Banco Nacional. of Desarrollo Económico. e Social (BNDES), a progressive public bank in Brazil. Both loans are indexed to the National Consumer Price Index (PCAI), thus aligning the debt charge with the allocation of inflation-indexed operating flows.
Ismael Guerrero, CEO of Recurrent Energy, said: “We are pleased to expand our long-standing partnership with BNDES and our presence in the Brazilian capital markets. Brazil has established itself as the largest renewable energy market in Latin America, and BNDES and Vinci’s participation in the financing of our solar portfolio represents a vote of confidence in the leadership position we have established in the renewable energy sector in Brazil. “
Ciranda Cluster is fully operational and powered through Canadian Solar’s high-efficiency BiHiKu modules. The Ciranda Phase I and Ciranda Phase II projects were won in an auction organized through COPEL Energia, one of the 10 largest energy trading corporations in Brazil, with a 15-year share of the 15-year inflation-adjusted PPA.
About Recurring Energy
Recurrent Energy is one of the world’s most geographically diverse platforms for developing, owning and operating large-scale solar energy projects and garages. With a team of in-house energy experts, Recurrent Energy is a wholly-owned subsidiary of Canadian Solar Inc. and operates as Canadian Solar’s global electrical installations and development business. Additional details can be found in www. recurrentpower. com.
About Canadian Solar
Canadian Solar was founded in 2001 in Canada and is one of the largest solar generation and renewable energy corporations in the world. It is a leading manufacturer of solar photovoltaic modules, a provider of solar energy and battery garage solutions, and a developer of large-scale solar energy and battery garage projects with a geographically varied portfolio at other levels of progression. Over the past 22 years, Canadian Solar has effectively delivered over 110 GW of premium solar PV modules to consumers around the world. Similarly, since entering the allocation progression industry in 2010, Canadian Solar has developed, built and connected approximately 9. 3 GWp of solar power allocations and more than 3 GWh of battery garage allocations across the complex. global. Currently, the company has approximately 850 MWp of solar power allocations. in operation, 7. 8 GWp of assignments in structure or scheduled (at a complex level) and another 18. 7 GWp of assignments in progression and at an early complex level. Additionally, the Company has an overall battery garage allocation progression pipeline of approximately five GWh, adding approximately five GWh under structure or order book, and another five GWh in late-tier and entry-level progression. Canadian Solar is one of the most successful companies in the solar and renewable energy industry, and has been indexed on the NASDAQ since 2006. For more information about the company, visit Canadian Solar on LinkedIn or visit www. canadiansun. com.
Safe Harbor/Forward-Looking Statements
Certain statements contained in this press release are forward-looking statements that involve a number of dangers and uncertainties that may cause actual effects to differ materially. These statements are made pursuant to the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. In some cases, you can identify forward-looking statements by terms such as “believes,” “expects,” “anticipates. ” “,” “intentions,” “estimates,” the negative of those terms, or any other comparable terminology. Factors that may cause actual effects to differ come with general business, regulatory and economic situations and the state of the industry and the solar and battery garage market; geopolitical tensions and conflicts, adding clashes, sanctions and export controls; volatility, uncertainty, delays and disruptions similar to the COVID-19 pandemic; supply chain disruptions; government for the deployment of solar energy; available long-term reserves of highest purity silicon; customer demand for end-use products and stock levels of such products in the supply chain, adjustments in primary visitor demand, adjustments in market position demand primaries, such as Japan, the United States, China, Brazil and Europe; adjustments in effective tax rates; adjustments to visitor ordering patterns; product mix adjustments; adjustments to corporate responsibility, adding environmental, social and governance (“ESG”) requirements; usability; competition point; pricing pressure and decline or inability to timely adjust average selling prices; delays in the introduction of new products; delays in the utility-wide appropriation approval process; delays in the large-scale allocation structure; delays in completing assignment sales; continued good luck in technological inventions and delivering products with features requested by visitors; lack of fabric source or capacity requirements; availability of financing; fluctuations in exchange rates and inflation; uncertainties similar to CSI Solar’s exclusion list; litigation and other dangers as described in the Company’s filings with the Securities and Exchange Commission, adding to its Annual Report on Form 20-F filed on April 18, 2023. Although the Company believes that the expectations reflected in the statements While forward-looking statements are reasonable, we cannot guarantee long-term effects, activity points, functionality or achievements. Investors should not place undue reliance on such forward-looking statements. All data provided in this press release exists unless otherwise stated, and Canadian Solar assumes no legal responsibility to update this data unless required by applicable law.
Canadian Solar Inc. Investor Relations ContactsIsabel ZhangInvestor RelationsCanadian Solar Inc. investor@canadianosolar. com
David PasqualeGlobal IR PartnersTel. : 1-914-337-8801csiq@globalirpartners. com
Recurrent media research on energy
Ally CoppleInnovative Relationships with público713-201-8800Ally@InnovantPR. com
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SOURCE Canadian Solar Inc.