Solar manufacturer Canadian Solar’s renewables developer arm Recurrent Energy has signed a ten-year power purchase agreement (PPA) for a 115MWp solar PV project in Spain with automotive tech company GKN Automotive.
The PPA will allow GKN Automotive to source power from the Rey I solar PV project located in Seville, southern Spain. The project is under construction and expected to be fully operational by the first half of 2026. Recurrent Energy will own and operate the project upon completion.
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Recurrent Energy said the Rey I solar PV project can produce 240GWh of power annually.
“Over the last 10 years, we have accumulated extensive experience in executing large-scale projects for global customers. We are grateful to GKN Automotive for entrusting us with their first PPA in Europe,” said Ismael Guerrero, CEO of Recurrent Energy.
Prior to this PPA, Recurrent Energy announced last month that it had powered a 360MW solar PV plant in Brazil.
Located in the northern state of Piauí, the Marangatu solar project was developed and built in 14 months by Recurrent Energy. Solar trackers for the PV plant were provided by Spanish tracker manufacturer Soltec. A long-term PPA has been secured for 75% of the energy produced by the PV plant.
Moreover, Recurrent Energy recently secured a €674 million (US$730 million) revolving credit facility to expand its European solar and battery energy storage system (BESS) portfolio. The company did not confirm the total capacity of either solar or energy storage that the facility will fund. It said that its total development pipeline constitutes 26GWp of solar PV and 56GWh of energy storage.
