Canadian Solar Inc., a global leader in solar and energy storage assets, has announced that its subsidiary, Recurrent Energy, has successfully closed a €50 million loan from the European Investment Bank (EIB). The 5-year term facility will be used to support the development and construction of a solar energy portfolio in Italy.
This loan aligns with the EIB’s focus on Renewable Energy, Climate Action, and Social and Economic Cohesion. The funding will bolster Recurrent Energy’s role in Italy’s clean energy transition and contribute to Europe’s objectives of reducing emissions and enhancing energy independence.
Ismael Guerrero, CEO of Recurrent Energy, expressed enthusiasm about the loan, stating, “We are excited to extend our banking relationship with the EIB. This transaction is a significant milestone in our goal to become one of the largest Independent Power Producers (IPPs) globally. It reflects our commitment to fostering a more sustainable economy in Europe and beyond. We look forward to a long-term partnership with the EIB to advance our mutual goals.”
Since expanding into Italy in 2017, Recurrent Energy has made notable strides, including the recent inauguration of its 51 MW solar PV project Anguillara in Marsala, Sicily. The company’s European pipeline includes 10.3 GW of Solar PV and 32.8 GWh of battery energy storage.
Discover more from SolarQuarter
Subscribe to get the latest posts sent to your email.
