Recurrent Energy expands Latin America solar portfolio

Recurrent Energy, a global solar and energy storage developer, has secured BRL 343 million in project financing from Banco do Nordeste do Brasil S.A. for its Jaiba III solar project in Brazil. The 152 MW project, financed over 22 years, includes construction and operation phases, with debt tied to Brazil’s National Consumer Price Index for economic alignment. It has a 15-year, inflation-adjusted PPA through a private auction with Usiminas, Brazil’s leading flat steel company. Expected to commence operation in Q4 2024, the project will employ nearly 900 people and annually displace around 150,000 tons of CO2.