Recurrent Energy, a subsidiary of Canadian Solar Inc. (CSIQ), announced on Thursday that it has secured a multi-currency revolving credit facility of up to €1.3 billion from ten banks to fund renewable energy projects across various European countries. This financial arrangement will enable Recurrent Energy to continue its development and construction of solar and battery energy storage projects in Spain, Italy, the United Kingdom, the Netherlands, France, and Germany.
Initially, the facility will support the upcoming construction of nearly 1 gigawatt (GW) of solar capacity, with the majority of this capacity earmarked for Spain and the remainder directed to the U.K.
The green facility will be available for three years with options for extensions. Although it is initially sized at €674 million, it includes provisions for potential expansion to approximately €1.3 billion.
The agreement covers financing for both fully merchant and contracted projects, and it allows for credit disbursement in both euros and British pounds.
With the support of its financial partners, Recurrent Energy continues to lead the transition to renewable energy, executing a project development pipeline that includes 26 gigawatt-peak (GWp) of solar and 56 gigawatt-hours (GWh) of battery energy storage globally.
