Recurrent Energy, a subsidiary of Canadian Solar, has secured a multi-currency credit facility valued at up to €1.3 billion with ten banks for constructing renewable energy projects in several European countries.
Recurrent Energy aims to develop and construct solar and battery energy storage projects across Spain, Italy, the United Kingdom, the Netherlands, France, and Germany. Initially, the facility will support the near-term construction of close to 1 GW of solar capacity, with the vast majority allocated to Spain and the remainder to the United Kingdom.
Recurrent Energy is executing on a project development pipeline of 26 GWp of solar and 56 GWh of battery energy storage worldwide.
This green facility will be available for three years with optional extensions. It is initially sized at €674 million but includes potential upsizing to approximately €1.3 billion. The agreement includes financing for both full merchant and contracted projects and allows credit to be received in both euros and British pounds.
Banco Santander CIB served as the Global Coordinator and Sole Bookrunner for this agreement, collaborating with several leading financial institutions.
ING acted as the Sole Issuing Bank and Sole Sustainability Coordinator, overseeing compliance with Environmental, Social, and Governance (ESG) criteria for green financing.
In addition to these two entities, the facility includes ABN AMRO, BBVA, Banco Sabadell, Rabobank, HSBC, Intesa Sanpaolo, Natwest, and NORD/LB.
Clifford Chance provided legal counsel to Recurrent Energy, while Watson Farley & Williams represented the lenders. Bondholders SL acted as the Facility and Security Agent.
Ismael Guerrero, CEO of Recurrent Energy, 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.”