Recurrent Energy, a leading renewable energy developer and subsidiary of Canadian Solar, has signed a power purchase agreement (PPA) with an unnamed major US tech company for a solar project in northern Spain. This ten-year agreement involves the 300MW Tordesillas PV project located in Valladolid, within the autonomous community of Castilla y León.
Project Details
The Tordesillas solar site is expected to begin commercial operations in 2026. Recurrent Energy will retain ownership of the site once it starts generating power, reflecting the company’s recent strategic shift toward an independent power producer (IPP) model. This transition allows Recurrent Energy to own and operate its projects rather than selling them upon completion.
Investment Support
To facilitate this shift, Recurrent Energy secured a US$500 million equity investment from BlackRock, the world’s largest asset owner, earlier this year. This financial backing aims to enhance the company’s capabilities in developing and managing renewable energy projects [1].
Commitment to Sustainability
Ismael Guerrero, CEO of Recurrent Energy, expressed enthusiasm about the partnership, stating, “We are very pleased to continue to support leading technology companies in their commitments to achieve net zero carbon emissions.” This sentiment highlights the growing role of technology firms as significant drivers of demand for solar energy and energy storage solutions [1].
Industry Trends
The demand for renewable energy from tech companies is increasing, with major players like Amazon, Meta, and Google emerging as leading buyers of solar energy in the US, according to data from the Solar Energies Industry Association (SEIA). This trend underscores the importance of renewable energy in meeting corporate sustainability goals [1].
Global Project Pipeline
In its parent company’s financial results for Q3 2024, Recurrent Energy reported a total global solar project pipeline of 26GWp and an energy storage pipeline of 66GWh, showcasing its commitment to expanding its renewable energy footprint [1].
Conclusion
The signing of this PPA marks a significant step for Recurrent Energy as it strengthens its position in the solar market while supporting the sustainability goals of major technology companies. The Tordesillas PV project is poised to contribute to Spain’s renewable energy landscape as it moves toward a greener future.
Learn more:
- Recurrent Energy Signs 300 MW Power Purchase Agreement with Major U.S. Tech Company in Spain
- Recurrent Energy Announces Closing of $500 Million Investment from BlackRock – Recurrent Energy
- Canadian Solar and Recurrent Energy Release 2023 Corporate Sustainability Report – Recurrent Energy
