Canadian Solar subsidiary Recurrent Energy has secured a €150 million multicurrency facility from Santander Corporate & Investment Banking (Santander CIB).
The facility will support Recurrent Energy’s growth and strategy to retain greater asset ownership in select markets.
This transaction marks the fourth corporate facility between Recurrent Energy and Santander CIB over the past three years.
The new facility is composed of a €30 million plus $20 million term loan and a $110.5 million revolving credit facility, with a total duration of three years. This structure provides Recurrent Energy significant flexibility to execute on its growth plans and accelerate its transition to a develop-to-own model in its core markets in North America and Europe.
As of the first quarter of 2023, Recurrent Energy has a total global solar PV project pipeline of 25 GWp and 47 GWh of battery storage of which 14 GWp and 12 GWh respectively have interconnections granted, with a large majority of the pipeline being developed from greenfield.