Recurrent Energy, a subsidiary of Canadian Solar, has closed a €50 million loan from the European Investment Bank (EIB) for the development and construction of a solar energy portfolio in Italy.
The loan, a €50 million 5-year term facility, aligns with the EIB’s lending priorities on Renewable Energy, Climate Action, and Social and Economic Cohesion. This transaction strengthens Recurrent Energy’s leadership in Italy’s clean energy transition.
Ismael Guerrero, CEO of Recurrent Energy, said: “This transaction is a pivotal step toward our goal of becoming one of the largest Independent Power Producers (IPPs) globally. It aligns with our commitment to fostering a more sustainable economy in Europe and beyond.”
Recurrent Energy has inaugurated its 51 MW solar PV project Anguillara located in Marsala, Sicily, Italy. Recurrent Energy currently has a pipeline in EMEA that includes 10.3 GWp in Solar PV and 32.8 GWh in battery energy storage.