Canadian Solar’s Recurrent unit closes $51 million project financing

By Marisa Wong

Los Angeles, Feb. 27 – Canadian Solar Inc. subsidiary Recurrent Energy has closed non-recourse project financing totaling $51 million for its 119-megawatt Horus Solar project in the region of Aguascalientes, Mexico, according to a press release.

The non-recourse financing has been provided by Korea Eximbank (Kexim) and KEB Hana Bank. The facility is split into two tranches: a $43 million facility provided by Kexim and an $8 million facility provided by KEB Hana Bank.

Recurrent owns 49% of the Horus Solar project, while Korea Electric Power Corp. (Kepco) and Sprott own 15% and 36%, respectively.

Based in Austin, Tex., Recurrent is a utility-scale solar and energy storage project development, ownership and operations company.

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