Recurrent Energy closes financing for 119-MW Mexican solar farm

Utility-scale solar and energy storage firm Recurrent Energy LLC said today that it has closed non-recourse project financing for a 119-MW solar site in Mexico which is co-owned with Korea Electric Power Corporation (KRX:015760), or KEPCO, and investment manager Sprott.

The Horus Solar project was built in the region of Aguascalientes in the central part of the country. It entered commercial operation in March 2023 and has been producing electricity since then.

Recurrent, a unit of Canadian Solar Inc (NASDAQ:CSIQ), has secured USD 51 million (EUR 46.6m) in a two-tranche non-recourse project financing provided by South Korea’s export credit agency Korea Eximbank (KEXIM) and local lender KEB Hana Bank, the company said in the press release.

Recurrent owns 49% of the project, while KEPCO and Sprott hold stakes of 15% and 36%, respectively. Horus was part of a 370-MWp Mexican solar portfolio that Canadian Solar agreed to share ownership in with the two South Korean companies back in 2019.

As a winner in Mexico's third renewable energy auction, the Horus site contracted 75% of its output under a 15-year power purchase agreement (PPA) as well as clean energy certificates for 20 years. The rest of the power is sold on the spot market.

(USD 1 = EUR 0.920)

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