Canadian Solar Inc. announced that its subsidiary, Recurrent Energy, has secured a multicurrency facility worth €150 million from Santander Corporate & Investment Banking (Santander CIB).
The proceeds of the facility will be used for supporting Recurrent Energy’s growth plans and strategic initiatives. Recurrent Energy is known as one of the world’s largest and most diversified utility-scale solar and battery energy storage platforms and boasts an impressive track record of operating 9 GW of solar power plants and 3 GWh of battery storage across 29 countries and five continents.
This transaction is the 4th corporate facility that Santander CIB has extended to Recurrent Energy within the past three years. This ongoing partnership highlights Santander’s commitment to Recurrent Energy’s business endeavors. This secured facility comprises a term loan of €30 million and $20 million, as well as a revolving credit facility of $110.5 million, with a total duration of three years. This arrangement provides Recurrent Energy considerable flexibility to execute its growth plans and expedite the transition towards a develop-to-own model in key markets across North America and Europe.
As of the first quarter of 2023, Recurrent Energy has an impressive global solar photovoltaic (PV) project pipeline of 25 GWp and 47 GWh of battery storage. Out of this, interconnections have been granted for 14 GWp of solar PV and 12 GWh of battery storage. It is also notable that the majority of this pipeline consists of projects developed from greenfield.
“Recurrent Energy is significantly accelerating its deployment of solar PV and battery energy storage by expanding its leading IPP (independent power producer) revenue base and growing stable and predictable cash flows. We continue to foster long-term community partnerships and create a lasting positive impact, as our success will come from true commitment to community values,” said Dr. Shawn Qu, Chairman and CEO of Canadian Solar.
He also added, “The strengthening partnership with Santander CIB allows Recurrent Energy to continue to leverage on its expertise across development, finance, construction and operations to further grow its clean energy platform.”
