GUELPH, ON, April 15, 2024 /PRNewswire/ -- Recurrent Energy, a global developer and owner of solar and energy storage assets, announced today that it has secured 343 million Brazilian reais (approximately $70 million) of non-recourse project financing from Banco do Nordeste do Brasil S.A. (BNB) for its Jaiba III solar project in Brazil.

The 152 MWp Jaiba III project will be financed over a 22-year period spanning both construction and operation phases. Linked to the National Consumer Price Index (IPCA), the inflation-adjusted debt will enable better capital and resource alignment with the Brazilian economy.

Recurrent has secured a 15-year, inflation-adjusted power purchase agreement (PPA) for Jaiba III through a private auction with Usiminas, the leading flat steel company in Brazil. Currently under construction, the project employs nearly 900 people and is expected to be in operation in the fourth quarter of 2024. Jaiba III is powered by Canadian Solar's high efficiency BiHiKu modules and will displace approximately 150,000 tons of carbon dioxide annually.

Ismael Guerrero, CEO of Recurrent Energy, said, "We are pleased to extend our long-standing partnership with BNB. Brazil's steadfast commitment to sustainable public sector initiatives for clean and affordable solar energy infrastructure has solidified its position as the largest renewable energy market in Latin America. BNB's enduring participation in our solar portfolio reinforces our confidence in the long-term potential of Brazil's renewable energy sector."

Recurrent owns or operates approximately 2 GWp of solar projects across Latin America. These projects are either in operation or planned to reach commercial operation date in 2024. With offices in Bogotà, Mexico City, Santiago, and São Paulo, Recurrent maintains an active development pipeline of 5 GWp of solar projects and 2 GWh storage projects in Latin America.

About Recurrent Energy

Recurrent Energy is one of the world's largest and most geographically diversified utility-scale solar and energy storage project development, ownership and operations platforms. With an industry-leading team of in-house energy experts, Recurrent Energy is a wholly-owned subsidiary of Canadian Solar Inc. and functions as Canadian Solar's global development and power services business. Additional details are available at www.recurrentenergy.com.

About Canadian Solar

Canadian Solar was founded in 2001 in Canada and is one of the world's largest solar technology and renewable energy companies. It is a leading manufacturer of solar photovoltaic modules, provider of solar energy and battery energy storage solutions, and developer of utility-scale solar power and battery energy storage projects with a geographically diversified pipeline in various stages of development. Over the past 22 years, Canadian Solar has successfully delivered over 118 GW of premium-quality, solar photovoltaic modules to customers across the world. Likewise, since entering the project development business in 2010, Canadian Solar has developed, built, and connected around 10 GWp of solar power projects and 3.3 GWh of battery energy storage projects across the world. Currently, the Company has approximately 1 GWp of solar power projects in operation, 7.4 GWp of projects under construction or in backlog (late-stage), and an additional 19.9 GWp of projects in advanced and early-stage pipeline. In addition, the Company has 600 MWh of battery energy storage projects in operation and a total battery energy storage project development pipeline of approximately 55 GWh, including approximately 3.5 GWh under construction or in backlog, and an additional 51 GWh at advanced and early-stage development. Canadian Solar is one of the most bankable companies in the solar and renewable energy industry, having been publicly listed on the NASDAQ since 2006. For additional information about the Company, follow Canadian Solar on LinkedIn or visit www.canadiansolar.com.

Safe Harbor/Forward-Looking Statements 

Certain statements in this press release are forward-looking statements that involve a number of risks and uncertainties that could cause actual results to differ materially. These statements are made under the "Safe Harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. In some cases, you can identify forward-looking statements by such terms as "believes," "expects," "anticipates," "intends," "estimates," the negative of these terms, or other comparable terminology. Factors that could cause actual results to differ include general business, regulatory and economic conditions and the state of the solar and battery storage market and industry; geopolitical tensions and conflicts, including impasses, sanctions and export controls; volatility, uncertainty, delays and disruptions related to the COVID-19 pandemic; supply chain disruptions; governmental support for the deployment of solar power; future available supplies of high-purity silicon; demand for end-use products by consumers and inventory levels of such products in the supply chain; changes in demand from significant customers; changes in demand from major markets, such as Japan, the U.S., China, Brazil and Europe; changes in effective tax rates; changes in customer order patterns; changes in product mix; changes in corporate responsibility, especially environmental, social and governance ("ESG") requirements; capacity utilization; level of competition; pricing pressure and declines in or failure to timely adjust average selling prices; delays in new product introduction; delays in utility-scale project approval process; delays in utility-scale project construction; delays in the completion of project sales; continued success in technological innovations and delivery of products with the features that customers demand; shortage in supply of materials or capacity requirements; availability of financing; exchange and inflation rate fluctuations; litigation and other risks as described in the Company's filings with the Securities and Exchange Commission, including its annual report on Form 20-F filed on April 18, 2023. Although the Company believes that the expectations reflected in the forward-looking statements are reasonable, it cannot guarantee future results, level of activity, performance, or achievements. Investors should not place undue reliance on these forward-looking statements. All information provided in this press release is as of today's date, unless otherwise stated, and Canadian Solar undertakes no duty to update such information, except as required under applicable law.

Canadian Solar Inc. Investor Relations Contacts
Wina Huang
Investor Relations
Canadian Solar Inc.
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Recurrent Energy Media Inquiries
Ally Copple
Innovant Public Relations
713-201-8800
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