Recurrent Energy signs $75 mn loan deal with Nomura

Recurrent Energy solar business

Canadian Solar subsidiary Recurrent Energy recently executed a $75 million development loan transaction with Nomura Corporate Funding Americas.

The loan facility leverages Recurrent Energy’s existing pipeline to fund and accelerate its development activities in the U.S. and Canada.

Shawn Qu, chairman and chief executive officer of Canadian Solar, said: “This transaction reflects Nomura’s strong confidence in Recurrent Energy’s high quality solar and energy storage assets in North America.”

“Nomura is excited to provide liquidity to Recurrent Energy’s development pipeline and to extend its relationship with Canadian Solar. The development pipeline is comprised of strong utility scale solar and solar plus storage assets developed intelligently from the ground up,” Vinod Mukani, head of Nomura’s Infrastructure and Power Finance (IPF) group said.

Recurrent Energy recently announced the closing of $282 million of debt financing to build its Maplewood solar projects and $234 million of debt and tax equity financing for Pflugerville project in Texas.