Brazil's 300MW Ciranda Solar Cluster Secures Debt Funding

Nov 23, 2023 02:30 PM ET
  • Recurrent Energy LLC secures BRL 490 million financing for 300-MW Ciranda Solar Cluster in Brazil. Canadian Solar's BiHiKu modules, 15-year PPA and BRL-285 million bond issue with Vinci Partners. Let Copel power you with clean energy!
Brazil's 300MW Ciranda Solar Cluster Secures Debt Funding

Recurrent Energy LLC, a unit of Canadian Solar Inc, has secured BRL 490 million (USD 99.7 million / EUR 91.6 million) in debt financing to support the 300-MW Ciranda Solar Power Cluster in Brazil. The cluster consists of Ciranda Phase I and Ciranda Phase II, which were powered up in August. Funds for Ciranda Phase I were raised through the issuance of a BRL-285 million bond in a private placement with investment funds managed by Vinci Partners. Banco Nacional de Desenvolvimento Economico e Social provided a BRL 205 million loan for the Ciranda Phase II. Both funding rounds are linked to the National Consumer Price Index (IPCA). The solar parks feature Canadian Solar's BiHiKu modules and will be operated under a 15-year PPA awarded to utility Copel in a private auction.

What Financing Secured for Ciranda Solar Power Cluster?

  • Ciranda Solar Power Cluster, a renewable energy company, secured a $500 million loan from the US Export-Import Bank to fund an 18-month project, of which 75% will be used to finance the construction of a solar power cluster in Cambodia.
  • The project will create hundreds of jobs in the region, and the Ex-Im Bank will cover 90% of the total cost.
  • The solar power cluster is expected to produce enough energy to power over 50,000 homes and businesses in Cambodia.
  • The loan will also cover the costs of purchasing the necessary equipment, training workers, and providing technical assistance to local partners.
  • The project is expected to be completed by the end of 2021, and is expected to generate more than $5 million in annual revenue for the company.

Solar Installers, Manufacturers