Canadian Solar Inc. a global developer and owner of solar and energy storage assets, has announced the successful securing of a landmark multi-currency revolving credit facility valued at up to €1.3 billion. The agreement, signed by Recurrent Energy and ten participating financial institutions, aims to fund the construction of renewable energy projects across several European countries.
The credit facility, initially sized at €674 million with the potential to increase to €1.3 billion, will empower Recurrent Energy to develop and construct solar and battery energy storage projects in Spain, Italy, the United Kingdom, the Netherlands, France, and Germany. The facility will be available for three years with optional extensions, supporting near-term construction of nearly 1 GW of solar capacity, primarily in Spain and the UK.
This green facility offers financing for both full merchant and contracted projects, with credit available in euros and British pounds. The agreement represents a significant milestone for Recurrent Energy, emphasizing its commitment to sustainable development and growth within the European market. The company is leading the energy transition with a project development pipeline of 26 GWp of solar and 56 GWh of battery energy storage worldwide.
Banco Santander CIB served as the Global Coordinator and Sole Bookrunner, collaborating with other leading financial institutions. ING acted as the Sole Issuing Bank and Sole Sustainability Coordinator, ensuring compliance with Environmental, Social, and Governance (ESG) criteria for green financing. Additional banks involved in the facility include ABN AMRO, BBVA, Banco Sabadell, Rabobank, HSBC, Intesa Sanpaolo, Natwest, and NORD/LB.
Legal counsel was provided by Clifford Chance for Recurrent Energy and Watson Farley & Williams for the lenders. Bondholders SL acted as the Facility and Security Agent.
“This agreement solidifies Recurrent Energy’s growth strategy and our transformation into one of the world’s leading independent renewable energy producers and developers,” said Ismael Guerrero, CEO of Recurrent Energy. “We thank all our financial partners for their support and trust in our company. Together, we are delivering clean, reliable, and affordable power to the world, today and tomorrow.”
