Recurrent owns 49 percent of the Horus Solar project, while Korea Electric Power Corporation (KEPCO) and Sprott own 15 percent and 36 percent respectively
Recurrent Energy closes project financing for 119MW solar project in Mexico. (Credit: Michael Pointner from Pixabay)
Recurrent Energy, a subsidiary of Canadian Solar Inc. (the “Company” or “Canadian Solar”) (NASDAQ: CSIQ) and a global developer and owner of solar and energy storage assets, announced today that it has closed non-recourse project financing for its 119 MW Horus Solar project in the region of Aguascalientes, Mexico. Recurrent owns 49 percent of the Horus Solar project, while Korea Electric Power Corporation (KEPCO) and Sprott own 15 percent and 36 percent respectively. The non-recourse financing has been provided by Korea Eximbank (KEXIM), the official export credit agency of South Korea, and KEB Hana Bank, one of South Korea’s largest banks.
The facility is split into two tranches, totaling $51 million: a $43 million facility provided by KEXIM and a $8 million facility provided by KEB Hana Bank.
During Mexico’s third renewable energy auction, the Horus project was awarded a power purchase agreement (PPA) through which it will sell 75 percent of electricity generated for 15 years and Clean Energy Certificates for 20 years. The remaining 25 percent will be sold on the spot market. The project reached Commercial Operation Date (COD) in March 2023 and has been operating since then.
The 119 MW solar project was built using Canadian Solar’s high efficiency BiHiku bifacial modules.
Ismael Guerrero, CEO of Recurrent Energy, said, “The Horus project is a great example of the high value projects that we aim to develop and finance across the world. Thank you to our partners at KEXIM and KEB Hana Bank, together with the project sponsors KEPCO and Sprott, for helping enable this solar project that will bring more emissions-free power to Mexico. We remain committed to the Mexican market that boasts some of the best fundamentals worldwide for solar development.”
Source: Company Press Release