The subsidiary of Chinese-Canadian solar manufacturer Canadian Solar says the financing will go towards developing and constructing solar and battery energy storage projects across Spain, Italy, the UK, the Netherlands, France and Germany.
Recurrent Energy, a developer of utility-scale solar and energy storage assets based in Austin, Texas, has secured a multi-currency revolving credit facility valued at up to €1.3 billion ($1.41 billion)
The credit facility will be available for three years with optional extensions. It is initially sized at €674 million but, according to the company’s statement, includes potential upsizing to approximately €1.3 billion.
The financing will go towards the development and construction of solar and battery energy storage projects across Spain, Italy, the UK, the Netherlands, France and Germany.
Work will begin with supporting the near-term construction of close to 1 GW of solar capacity, the majority of which is in Spain and the remainder in the UK, Recurrent Energy says. The company claims to have a project development pipeline of 26 GW of solar and 56 GWh of battery energy storage worldwide.
Its latest financing agreement received support from Santander CIB, as the Global Coordinator and Sole Bookrunner for the agreement and ING, which acted as the Sole Issuing Bank and Sole Sustainability Coordinator. Other financial partners in the agreement include ABN AMRO, BBVA, Banco Sabadell, Rabobank, HSBC, Intesa Sanpaolo, Natwest and NORD/LB.
“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 Ismael Guerrero, Recurrent Energy CEO.
Last year, Recurrent Energy announced it secured a €150 million multi-currency facility with Santander CIB. The company is a wholly-owned subsidiary of Chinese-Canadian solar manufacturer Canadian Solar.
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