Recurrent Energy, a subsidiary of Canadian Solar Inc. has secured a multi-currency facility of up to €110 million ($120 million) from a consortium of international banks led by Investec Bank Plc.
The facility comprises a €55 million term loan and a €55 million revolving credit facility, spanning a total duration of three years. This financing will bolster Recurrent Energy in advancing its global solar PV and energy storage project pipeline, facilitating its transition into an independent power producer (IPP) and expediting its growth strategy. As of January 31, 2024, Recurrent Energy boasted a solar PV project pipeline of 27 GWp and an energy storage pipeline of 55 GWh.
Ismael Guerrero, CEO of Recurrent Energy, said, “This facility marks a significant step towards our goal of establishing a leading global platform for clean, reliable, and affordable energy solutions. We appreciate the support and trust of Investec and its partners and anticipate a mutually beneficial long-term relationship.”
Antonio Cravo, Investec Energy and Infrastructure Finance UK, added, “Leveraging our deep expertise in the sector, we successfully delivered a tailored financing solution that will enable Recurrent Energy to achieve its strategic ambitions and continue its transition to an IPP model. We are delighted to partner with Recurrent Energy on this important transaction – reflecting Investec’s commitment to making a positive contribution to people and planet.”
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