The Tordesillas solar project aims to bolster Spain’s renewable energy leadership and assist in meeting decarbonisation targets. Credit: ultramansk/Shutterstock.

Canadian Solar subsidiary Recurrent Energy has entered a ten-year power purchase agreement (PPA) with a US-based technology company.

The agreement involves procuring renewable energy from Recurrent Energy’s Tordesillas solar photovoltaic (PV) project in Valladolid, Castilla y León, Spain, which has an installed capacity of 300MW.

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The project aims to bolster Spain’s renewable energy leadership and assist in meeting its decarbonisation targets.

It is expected to be operational by 2026 and to generate 620 gigawatt hours (GWh) annually, powering 188,000 households and reducing CO₂ emissions by 161,000 tonnes annually. Recurrent Energy plans to own and operate the solar project post-energisation.

Recurrent is expanding its global solar PV and energy storage projects. This expansion aligns with the company’s commitment to enhancing its renewable energy footprint worldwide.

In Spain, the company has a development pipeline exceeding 2GW of solar projects and 60 megawatt hours (MWh) of battery energy storage.

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Recurrent Energy CEO Ismael Guerrero stated: “We are very pleased to continue to support leading technology companies in their commitments to achieve net zero carbon emissions. The trust placed in us reflects Recurrent Energy’s proven expertise in executing large-scale projects for major global customers.

“This PPA demonstrates both companies’ dedication to combating climate change through cost-competitive renewable energy investments.”

Recurrent Energy recently obtained a €1.3bn ($1.41bn) credit facility to boost the growth of its renewable energy projects in Europe.

The multi-currency revolving credit line will be available for an initial term of three years starting in 2024, with the possibility of extensions. Originally set at €674m, the facility can be increased to €1.3bn.

The funds will be allocated towards the development and construction of solar energy and battery energy storage systems (BESS) across European nations including Spain, Italy, the UK, the Netherlands and France.