Canadian Solar subsidiary Recurrent Energy has closed non-recourse project financing for its 119 MW Horus Solar project in Mexico’s Aguascalientes region, funded by Korea Eximbank and KEB Hana Bank.
The project reached commercial operations last March and has been operating since. It was awarded a PPA during Mexico’s third renewables auction, through which it will sell 75% of electricity generated for 15 years and clean energy certificates for 20 years. The remaining 25% will be sold on the spot market.
“The Horus project is a great example of the high value projects that we aim to develop and finance across the world,” says Ismael Guerrero, CEO of Recurrent Energy. “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.”
Recurrent owns 49% of the project, with Korea Electric Power owning 15% and Sprott owning 36%.
