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Recurrent Energy Secures EUR 110 Million Green Loan Facility for Solar and Energy Storage Projects

The funding comprises a EUR 55 million term loan and a EUR 55 million revolving credit facility, extending over a three-year period.

April 06, 2024. By Abha Rustagi

Recurrent Energy, a subsidiary of Canadian Solar Inc. specializing in solar and energy storage assets, has announced the acquisition of a financial package amounting to EUR 110 million (USD 120 million) from an international consortium of banks led by Investec Bank Plc.

The funding comprises a EUR 55 million term loan and a EUR 55 million revolving credit facility, extending over a three-year period. This infusion of capital is aimed at supporting Recurrent Energy's initiatives in advancing its global solar photovoltaic (PV) and energy storage project pipeline. The company is transitioning towards becoming an independent power producer (IPP) and intends to accelerate its growth trajectory in the renewable energy sector.

As of January 31, 2024, Recurrent Energy boasted a portfolio, with a solar PV project pipeline amounting to 27 GWp and an energy storage pipeline totaling 55 GWh.

Expressing enthusiasm for this milestone, Ismael Guerrero, CEO of Recurrent Energy, remarked, "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, representing Investec Energy and Infrastructure Finance UK, highlighted the collaborative effort behind this financing arrangement, stating, "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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