Recurrent Energy has secured a multi-currency facility totaling up to €110 million ($120 million). The financing consortium is led by Investec Bank, a group of international banks.
Recurrent Energy, a player in solar and energy storage assets development, and a subsidiary of Canadian Solar, said the facility encompasses a €55 million term loan along with a €55 million revolving credit facility, both extending over a duration of three years. This funding injection is earmarked to bolster Recurrent Energy’s solar PV and energy storage project pipeline.
Furthermore, it will play a pivotal role as the company transitions towards becoming an independent power producer (IPP), while also accelerating its business growth. Impressively, as of January 31, 2024, Recurrent Energy boasts a solar PV project pipeline of 27 GWp and an energy storage pipeline of 55 GWh, underscoring its robust position in the renewable energy landscape.
Ismael Guerrero, CEO of Recurrent Energy, expressed gratitude for the support extended by Investec and its partners, heralding this facility as a pivotal step towards establishing a leading global platform for clean, reliable, and affordable energy solutions. Guerrero anticipates a mutually beneficial long-term relationship with the financiers.
Antonio Cravo from Investec Energy and Infrastructure Finance UK emphasized the tailored financing solution crafted leveraging the consortium’s profound expertise in the sector. This financing arrangement is poised to empower Recurrent Energy in realizing its strategic ambitions and advancing its transition towards the IPP model.
Earlier, Recurrent Energy has revealed that it secured a $500 million equity investment commitment from BlackRock through a fund managed by its Climate Infrastructure business.
As of September 30, 2023, Recurrent Energy had a development pipeline of 26 GW in solar and 55 GWh in storage, of which 13 GW and 12 GWh respectively are projects with interconnections. Recurrent Energy expects to have 4 GW of solar and 2 GWh of storage in operation in the U.S. and Europe by 2026.
GreentechLead.com News Desk