Recurrent Energy expands solar portfolio with strategic acquisition in Spain
In a significant stride towards bolstering its renewable energy footprint, Recurrent Energy, a subsidiary of the global solar power giant Canadian Solar Inc. (NASDAQ: CSIQ), has announced the acquisition of a substantial solar photovoltaic (PV) portfolio located in the south of Spain. This move underscores the company’s commitment to enhancing its development pipeline and asset base through both greenfield development and high-value acquisitions.
The acquired portfolio, boasting a capacity exceeding 420 MWp, is situated in Carmona, a municipality in Seville, Andalusia. It encompasses four projects, namely Rey I, II, III, and IV, collectively aimed at significantly contributing to the region’s clean energy supply. The projects, which are currently under construction, will utilize Canadian Solar’s advanced TopBiHiKu7 N-type bifacial TOPCon (Tunnel Oxide Passivated Contact) technology modules.
Recurrent Energy’s expansion in Spain is part of a broader strategy to initiate construction on over 1 GW of solar projects in the country by 2024. The Rey portfolio is expected to generate approximately 916,000 MWh of clean energy annually, sufficient to power over 275,000 homes in the region. This initiative is poised to displace around 184,000 tons of CO2 emissions each year, marking a significant contribution to environmental sustainability and climate change mitigation.
Beyond environmental benefits, the projects are set to deliver considerable economic and social advantages to the local community, including job creation and regional economic development enhancement.
Ismael Guerrero, CEO of Recurrent Energy, commented on the acquisition, stating, “The acquisition of this solar portfolio reflects our commitment to grow our assets both in Spain and around the world. While our goal is to strategically grow our development pipeline and assets under management through greenfield development, we continue to look for high-value acquisition opportunities. We are delighted to add the Rey projects to our growing portfolio.”
The acquisition by Recurrent Energy not only signifies a milestone in the company’s expansion but also highlights the growing importance of renewable energy sources in meeting global energy demands sustainably. Such strategic investments are crucial for accelerating the transition to a greener, more sustainable energy future, demonstrating the vital role of corporate leadership in environmental stewardship.