The Canadian Solar subsidiary, Recurrent Energy has announced raising a 'landmark' multi-currency revolving credit facility from a consortium of 10 banks to support its renewable energy portfolio in several European nations.
The up to €1.3 billion ($1.4 billion) flexible green financing package will enable the company to develop and construct solar and battery energy storage system (BESS) projects across Spain, Italy, the UK, the Netherlands, France and Germany.
The company touts a global project development pipeline of 26 GWh of solar and 56 GWh of BESS capacity.
Initially sized at €674 million, the green facility includes potential upsizing to the €1.3 billion and includes financing for both merchant and contracted projects. The 3-year facility will be available in both Euros and British pounds, according to the company.
Recurrent Energy plans to initially support near-term construction of close to 1 GW of solar capacity with the proceeds. A lion's share of this will be spent in Spain and remaining in the UK.
"This agreement solidifies Recurrent Energy's growth strategy and our transformation into one of the world's leading independent renewable energy producers and developers," said Recurrent CEO Ismael Guerrero.
While Banco Santander CIB served as the Global Coordinator and Sole Bookrunner for this agreement, ING acted as the Sole Issuing Bank and Sole Sustainability Coordinator. Other participants of this green financing include ABN AMRO, BBVA, Banco Sabadell, Rabobank, HSBC, Intesa Sanpaolo, Natwest, and NORD/LB.
This green financing for Recurrent follows a number of investments the company has attracted since the beginning of 2024. In April 2024, it secured BRL 343 million financing for its 152 MW solar plant in Brazil. In March 2024, Recurrent raised €110 million multi-current green loan facility from Investec Energy and Infrastructure Finance UK.
Earlier this year in January 2024, BlackRock announced a $500 million capital commitment in Recurrent Energy.
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