The project financing for a 119 MW solar project in Mexico has been successfully secured by Recurrent Energy

Recurrent Energy, a subsidiary of Canadian Solar Inc. has successfully arranged non-recourse project financing for its 119 MW Horus Solar project in Aguascalientes, Mexico. For this project, Recurrent will retain 49 percent ownership, with Korea Electric Power Corporation (KEPCO) and Sprott holding 15 percent and 36 percent respectively. The financing, facilitated by Korea Eximbank and KEB Hana Bank, totals USD 51 million split into two tranches: $43 million from KEXIM and $8 million from KEB Hana Bank.

In Mexico’s third renewable energy auction, the Horus project received a power purchase agreement (PPA) ensuring the sale of 75 percent of generated electricity for 15 years and Clean Energy Certificates for 20 years, with the remaining 25 percent sold on the spot market. The project achieved Commercial Operations in March 2023.

Utilizing Canadian Solar’s cutting-edge BiHiku bifacial modules, the 119 MW solar project is exemplary for innovation and efficiency in renewable energy infrastructure.

Ismael Guerrero, CEO of Recurrent Energy, said, “The Horus project is a great example of the high value projects that we aim to develop and finance across the world. Thank you to our partners at KEXIM and KEB Hana Bank, together with the project sponsors KEPCO and Sprott, for helping enable this solar project that will bring more emissions-free power to Mexico. We remain committed to the Mexican market that boasts some of the best fundamentals worldwide for solar development.”