Investec Energy & Infrastructure Finance UK arranged a multicurrency, green loan facility of up to €110 million to Recurrent Energy

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Recurrent Energy, a subsidiary of Canadian Solar Inc. (“Canadian Solar”) (NASDAQ: CSIQ) and a global developer and owner of solar and energy storage assets, announced that has secured a multicurrency facility of up to €110 million (US$120 million) to support its transition to become an independent power producer (IPP), from a group of international banks led by Investec Bank Plc.

The facility consisted of a €55 million term loan and a €55 million revolving credit facility with a total duration of three years. The funding will be used to support the advancements of Recurrent Energy’s pipeline of solar PV and battery storage projects, as the company accelerates its growth strategy. As of the fourth quarter of 2023, Recurrent Energy had a total global solar PV project pipeline of 27GWp and 55GWh of Battery Energy Storage.

Ismael Guerrero, CEO of Recurrent Energy, said "This facility will be instrumental as we take another step towards our goal of creating a global leading platform that provides clean, reliable and affordable energy to the world and future generations. We are thankful for the support and trust from Investec and its partners and look forward to a long-term fruitful relationship.”

Antonio Cravo, Investec Energy & Infrastructure Finance UK, added "We are delighted for having had the opportunity to partner with Recurrent Energy in this important transaction. Leveraging our deep expertise in the sector, we've successfully structured, coordinated, and delivered a tailored financing solution that will enable Recurrent Energy to achieve its strategic ambitions and continue to transition into an IPP model.”

 

About Recurrent Energy

Recurrent Energy is one of the world’s largest and most geographically diversified utility-scale solar and energy storage project development, ownership and operations platforms. With an industry-leading team of in-house energy experts, Recurrent Energy is a wholly owned subsidiary of Canadian Solar Inc. and function as Canadian Solar’s global development and power services business. Recurrent Energy has completed the development of 9 gigawatts (GWp) of operating utility-scale solar projects and 3 gigawatt hours (GWh) of energy storage projects across six continents. Recurrent Energy has more than 26GWp of solar and 55 GWh of battery storage projects under development.