Recurrent Energy secures financing for 300MW Ciranda Solar Cluster in Brazil

Recurrent Energy has secured financing for 300MW Ciranda Solar Power Cluster (Ciranda Cluster) in Brazil.

Canadian solar and storage developer has received US$100 million (BRL 490m) of non-recourse project. Ciranda Cluster was developed by Recurrent Energy, who is also the long-term owner and operator of the project.

According to the company, “Ciranda Phase I issued a BRL 285m bond in a private placement with investment funds managed by Vinci Partners.

Meanwhile, it has been informed that Ciranda Phase II secured a BRL 205m facility with Banco Nacional de Desenvolvimento Econômico e Social (BNDES). It's a Brazil-based state-owned development bank.

Ismael Guerrero, chief executive of Recurrent Energy, was quoted in a statement, "We are pleased to extend our long-standing partnership with BNDES and reinforce our presence in the Brazilian capital markets. Brazil has established itself as the largest renewable energy market in Latin America, and BNDES's and Vinci's participation in the funding of our solar portfolio represent a vote of confidence in the leadership position we have established in Brazil's renewable energy sector."

According to the company, both Ciranda Phase I and Ciranda Phase II projects had secured victory in a private auction held by COPEL Energia recently.

COPEL Energia is regarded as one of the top 10 energy trading companies in Brazil.