Recurrent Energy, a subsidiary of Canadian Solar Inc. (NASDAQ: CSIQ) and a global leader in solar and energy storage development, has successfully secured a €50 million loan from the European Investment Bank (EIB) to support its clean energy initiatives in Italy. The five-year term loan will fund the development and construction of a solar energy portfolio, furthering Recurrent Energy’s commitment to expanding renewable energy in the region.
This financing aligns with the EIB’s priorities in promoting Renewable Energy, Climate Action, and Social and Economic Cohesion. By bolstering Italy’s renewable energy capacity, the loan will contribute to Europe’s broader goals of reducing emissions and enhancing energy independence.
Ismael Guerrero, CEO of Recurrent Energy, expressed enthusiasm about the collaboration with the EIB, stating, “We are excited to strengthen our relationship with the EIB. This transaction is a significant milestone in our journey to becoming one of the largest Independent Power Producers (IPPs) globally. It reflects our dedication to advancing a sustainable economy in Europe and beyond. We look forward to a long-term partnership with the EIB to achieve our shared objectives.”
Recurrent Energy has been steadily expanding its operations in Italy since 2017. The company recently inaugurated a 51 MW solar PV project in Anguillara, Marsala, Sicily, positioning Italy as a key hub for its European projects. Recurrent Energy’s pipeline in the EMEA region currently includes 10.3 GWp 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.
