Recurrent Energy Secures Financing for 119 MW Solar Project

• Recurrent Energy secures $51 million financing for 119 MW Horus Solar project in Mexico, partnering with Korea Eximbank and KEB Hana Bank for renewable energy success.

Recurrent Energy, a subsidiary of Canadian Solar Inc., has secured non-recourse project financing for its 119 MW Horus Solar project in Mexico's Aguascalientes region. The financing, totaling $51 million, was provided by Korea Eximbank and KEB Hana Bank. Recurrent owns 49 percent of the project, with Korea Electric Power Corporation and Sprott owning 15 percent and 36 percent respectively.

The Horus project, which reached Commercial Operation Date in March 2023, was awarded a power purchase agreement during Mexico's third renewable energy auction. It will sell 75 percent of electricity generated for 15 years and Clean Energy Certificates for 20 years, with the remaining 25 percent sold on the spot market. In other news, Canadian Solar Inc. and Sol Systems have partnered to scale new solar module production and procurement in the United States, with Canadian Solar supplying modules from its Texas factory to Sol Systems.

What are the details of Recurrent Energy's financing for the Horus Solar project?

• Recurrent Energy secured non-recourse project financing for its 119 MW Horus Solar project in Mexico's Aguascalientes region
• The financing totaled $51 million and was provided by Korea Eximbank and KEB Hana Bank
• Recurrent Energy owns 49 percent of the project, with Korea Electric Power Corporation and Sprott owning 15 percent and 36 percent respectively
• The Horus project reached Commercial Operation Date in March 2023 and was awarded a power purchase agreement during Mexico's third renewable energy auction
• The project will sell 75 percent of electricity generated for 15 years and Clean Energy Certificates for 20 years, with the remaining 25 percent sold on the spot market
• Canadian Solar Inc. and Sol Systems have partnered to scale new solar module production and procurement in the United States, with Canadian Solar supplying modules from its Texas factory to Sol Systems.