GUELPH,
ON, Nov. 22, 2023 /PRNewswire/
-- Recurrent Energy, a global developer and owner of solar and
energy storage assets, announced today that it has fully received 490 million Brazilian reais
(approximately US$100 million) of
non-recourse project financing for its 300 MW Ciranda Solar Power
Cluster (Ciranda Cluster) in Brazil. Completed in August 2023, Ciranda Cluster was developed by
Recurrent Energy, who is now the long-term owner and operator of
Ciranda Cluster.
Ciranda Phase I issued a BRL 285
million bond in a private placement with investment funds
managed by Vinci Partners (NASDAQ: VINP), a leading alternative
investment platform in Brazil,
while Ciranda Phase II secured a BRL 205
million facility with Banco Nacional de Desenvolvimento
Econômico e Social (BNDES), a Brazil-based state-owned development bank.
Both financings are inflation-indexed to the National Consumer
Price Index (IPCA), aligning cost of debt with the
inflation-indexed operating cash flows of the projects.
Ismael Guerrero, CEO of
Recurrent Energy, said, "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."
Ciranda Cluster is fully operating and powered by Canadian
Solar's high efficiency BiHiKu modules. Both Ciranda Phase I and
Ciranda Phase II projects won in a private auction held by COPEL
Energia, one of the top 10 energy trading companies in Brazil, with a 15-year, inflation-adjusted
PPA.
About Recurrent Energy
Recurrent Energy is one of the world's largest and most
geographically diversified utility-scale solar and energy storage
project development, ownership and operations platforms. With
an industry-leading team of in-house energy experts, Recurrent
Energy is a wholly-owned subsidiary of Canadian Solar Inc. and
functions as Canadian Solar's global development and power services
business. Additional details are available
at www.recurrentenergy.com.
About Canadian Solar
Canadian Solar was founded in 2001 in Canada and is one of the world's largest solar
technology and renewable energy companies. It is a leading
manufacturer of solar photovoltaic modules, provider of solar
energy and battery storage solutions, and developer of
utility-scale solar power and battery storage projects with a
geographically diversified pipeline in various stages of
development. Over the past 22 years, Canadian Solar has
successfully delivered over 110 GW of premium-quality, solar
photovoltaic modules to customers across the world. Likewise, since
entering the project development business in 2010, Canadian Solar
has developed, built, and connected around 9.3 GWp of solar power
projects and over 3 GWh of battery storage projects across the
world. Currently, the Company has around 850 MWp of solar power
projects in operation, 7.8 GWp of projects under construction or in
backlog (late-stage), and an additional 18.7 GWp of projects in
advanced and early-stage pipeline. In addition, the Company has a
total battery storage project development pipeline of approximately
55 GWh, including approximately 5 GWh under construction or in
backlog, and an additional 50 GWh at advanced and early-stage
development. Canadian Solar is one of the most bankable companies
in the solar and renewable energy industry, having been publicly
listed on the NASDAQ since 2006. For additional information
about the Company, follow Canadian Solar on LinkedIn or
visit www.canadiansolar.com.
Safe Harbor/Forward-Looking Statements
Certain statements in this press release are forward-looking
statements that involve a number of risks and uncertainties that
could cause actual results to differ materially. These statements
are made under the "Safe Harbor" provisions of
the U.S. Private Securities Litigation Reform Act of
1995. In some cases, you can identify forward-looking statements by
such terms as "believes," "expects," "anticipates," "intends,"
"estimates," the negative of these terms, or other comparable
terminology. Factors that could cause actual results to differ
include general business, regulatory and economic conditions and
the state of the solar and battery storage market and industry;
geopolitical tensions and conflicts, including impasses, sanctions
and export controls; volatility, uncertainty, delays and
disruptions related to the COVID-19 pandemic; supply chain
disruptions; governmental support for the deployment of solar
power; future available supplies of high-purity silicon; demand for
end-use products by consumers and inventory levels of such products
in the supply chain; changes in demand from significant customers;
changes in demand from major markets, such as Japan,
the U.S., China, Brazil and Europe;
changes in effective tax rates; changes in customer order patterns;
changes in product mix; changes in corporate responsibility,
especially environmental, social and governance ("ESG")
requirements; capacity utilization; level of competition; pricing
pressure and declines in or failure to timely adjust average
selling prices; delays in new product introduction; delays in
utility-scale project approval process; delays in utility-scale
project construction; delays in the completion of project sales;
continued success in technological innovations and delivery of
products with the features that customers demand; shortage in
supply of materials or capacity requirements; availability of
financing; exchange and inflation rate fluctuations; uncertainties
related to the CSI Solar carve-out listing; litigation and
other risks as described in the Company's filings with the
Securities and Exchange Commission, including its annual report on
Form 20-F filed on April 18, 2023.
Although the Company believes that the expectations reflected in
the forward-looking statements are reasonable, it cannot guarantee
future results, level of activity, performance, or achievements.
Investors should not place undue reliance on these forward-looking
statements. All information provided in this press release is as of
today's date, unless otherwise stated, and Canadian Solar
undertakes no duty to update such information, except as required
under applicable law.
Canadian Solar Inc. Investor Relations
Contacts
Isabel Zhang
Investor Relations
Canadian Solar Inc.
investor@canadiansolar.com
David Pasquale
Global IR Partners
Tel: +1-914-337-8801
csiq@globalirpartners.com
Recurrent Energy Media Inquiries
Ally Copple
Innovant Public Relations
713-201-8800
Ally@InnovantPR.com
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SOURCE Canadian Solar Inc.