Solar project developer Recurrent Energy has secured a €674 million (US$730 million) revolving credit facility to expand its European solar and battery energy storage system (BESS) portfolio.
The company – a subsidiary of major Chinese solar manufacturer Canadian Solar – signed the agreement in Seville, Spain, yesterday with Banco Santander CIB, ING, and several other financial bodies. The multi-currency facility – delivered in both GBP and Euros – includes “potential upsizing” to a total of €1.3 billion (US$1.41 billion).
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It will ultimately support solar and BESS developments across Spain, Italy, the UK, the Netherlands, France and Germany. First, the financing will support around 1GW of solar PV projects, with “the vast majority” to be developed in Spain, with some to be built in the UK.
Recurrent Energy did not confirm the total capacity of either solar or energy storage that the facility will fund. It said that its total development pipeline constitutes 26GWp of solar PV and 56GWh of energy storage.
Ismael Guerrero, CEO of Recurrent Energy said the deal “solidifies … our transformation into one of the world’s leading independent renewable energy producers and developers.”
The company has been transitioning towards an IPP model – where it builds, develops and owns its projects – over the last year. Last month, it secured another €110 million multi-currency financing facility to develop its pipeline and facilitate its IPP transition.
In January, Blackrock, the world’s largest asset owner, made a US$500 million equity investment to acquire a 20% stake in Recurrent Energy. Recurrent said that, as part of its IPP transition, the deal would allow it to secure reliable revenues in Europe and the US in “low-risk currencies”
In its Q1 2024 financial results, Recurrent Energy’s parent company Canadian Solar posted decreased module shipments but increased revenues compared with its Q4 2023 results.
