Recurrent Energy Closes Project Financing for 119 MW Solar P
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Feb 27, 2024

Recurrent Energy Closes Project Financing for 119 MW Solar Project in Mexico

") (NASDAQ: CSIQ) and a global developer and owner of solar and energy storage assets, announced today that it has closed non-recourse project financing for its 119 MW Horus Solar project in the region of

. Recurrent owns 49 percent of the Horus Solar project, while Korea Electric Power Corporation (KEPCO) and Sprott own 15 percent and 36 percent respectively. The non-recourse financing has been provided by Korea Eximbank (KEXIM), the official export credit agency of

The facility is split into two tranches, totaling

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third renewable energy auction, the Horus project was awarded a power purchase agreement (PPA) through which it will sell 75 percent of electricity generated for 15 years and Clean Energy Certificates for 20 years. The remaining 25 percent will be sold on the spot market. The project reached Commercial Operation Date (COD) in

and has been operating since then.

high efficiency BiHiku bifacial modules.

, 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

, together with the project sponsors KEPCO and Sprott, for helping enable this solar project that will bring more emissions-free power to

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

global development and power services business. Additional details are available at .

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,

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,

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 projects in operation, nearly 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.

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

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

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

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