Recurrent Energy, a subsidiary of Canadian Solar Inc., has successfully closed non-recourse project financing for its 119 MWh solar project in Aguascalientes, Mexico, known as the Horus Solar project. Recurrent owns 49% of the project, with Korea Electric Power Corporation (KEPCO) and Sprott holding 15% and 36%, respectively. The financing, totaling $51 million, was split into two tranches between Korea Eximbank ($43 million) and KEB Hana Bank ($8 million). The project, equipped with Canadian Solar’s BiHiku bifacial modules, was awarded a PPA during Mexico’s third renewable energy auction, selling 75% of its electricity for 15 years and Clean Energy Certificates for 20 years.
Recurrent Energy secures USD 51M financing for Aguascalientes PV project
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