Recurrent Energy, a subsidiary of Canadian Solar Inc. has signed an agreement with 10 banks securing a multi-currency revolving credit facility of up to $1.4 billion for renewable energy projects in various European Countries. The agreement was signed in Seville, Spain.
This facility will allow Recurrent Energy to continue developing and constructing solar and battery energy storage projects in Italy, pain, the Netherlands, the United Kingdom, France and Germany. Initially, this facility aims to support short-term construction of around 1 GW of solar capacity, majorly allocated to Spain and some to the United Kingdom.
The financing will be available for three years with the option of extensions. Initially, the project at around $733 million having an upsizing potential of up to $1.4 billion. The financing is available for the full merchant as well as contracted projects with an option of receiving funds in both Euros and British Pounds.
Banco Santander CIB is the Global Coordinator and Sole Bookrunner for the agreement and has collaborated with leading financial institutions. ING is the Sole Issuing Bank and Sole Sustainability Coordinator that is overseeing compliance with Environmental, Social, and Governance (ESG) criteria for green financing. The facility also includes ABN AMRO, BBVA, Banco Sabadell, Rabobank, HSBC, Intesa Sanpaolo, Natwest, and NORD/LB.
CEO of Recurrent Energy Ismael Guerrero said, “This agreement solidifies Recurrent Energy’s growth strategy and our transformation into one of the world’s leading independent renewable energy producers and developers. We thank all our financial partners for their support and trust in our company. Together, we are delivering clean, reliable, and affordable power to the world, today and tomorrow.”