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Recurrent Energy Secures Financing for 119MW Mexico PV Plant, BlackRock Invests $500 Million for 20% Stake.

Recurrent Energy has closed financing on its 119MW Mexico PV plant, with a 49% stake in the Horus project, while Canadian investment manager Sprott and the Korea Electric Power Corporation (KEPCO) own 36% and 15% respectively. The plant has been operational since March 2023 and was awarded a power purchase agreement with the Mexican government during the country’s third renewable energy auction. The PPA will offtake 75% of the site’s produced power, with the remaining 25% to be sold on the spot market. The same modules are deployed at Recurrent Energy’s 300MW Ciranda project in the Brazilian state of Pernambuco. In January 2024, BlackRock acquired a 20% minority stake in Recurrent in exchange for US$500 million in equity investment.

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