Recurrent Energy announced today the inauguration of the 446 MWp / 360 MWac Marangatu Solar Complex in Brasileira, Brazil. SPIC owns 70% of the project, while Recurrent Energy owns the remaining 30%.
Developed by Recurrent Energy, Marangatu Solar Complex was fully energized in April 2024 after 14 months of construction. 75% of the energy generated is secured through long-term power purchase agreements (PPAs). The complex will generate enough electricity to power approximately 550,000 homes annually. Additionally, the project created around 1,500 direct jobs and 500 indirect jobs.
Adriana Waltrick, CEO of SPIC Brasil, commented, "It is increasingly urgent that we accelerate the energy transition process by contributing to the Brazilian electric sector and reinforcing our leadership in renewable energy. With our new venture into solar power generation, we aim to continue growing with innovation, sustainability, reliability, and most importantly, competitiveness. Brazil needs abundant, competitive energy, and it is our role to create the conditions for this."
Ismael Guerrero, CEO of Recurrent Energy, added, "Today marks a significant milestone for SPIC Brasil, Recurrent Energy, and the Brazilian energy sector This inauguration underscores our commitment to expanding renewable energy generation in Brazil, providing clean, sustainable energy solutions for the country. We are proud this project will positively impact the environment, the economy, and the local community. We look forward to further contributing to the development of renewable energy in Brazil and advancing our mission of creating a more sustainable future for all."
Recurrent Energy is undergoing significant growth and expansion in Latin America, with over 4 GW of project development pipeline as of March 31, 2024. Operational projects are located across Brazil, Mexico, Argentina, and Colombia, with new projects emerging in Chile, Peru, the Dominican Republic, and Puerto Rico.