Recurrent Energy, a subsidiary of Canadian Solar and a global developer and owner of solar and energy storage assets, has secured a landmark multi-currency revolving credit facility valued at up to €1.3 ($1.4) billion with 10 banks for the construction of renewable energy projects in several European countries. Recurrent Energy and the participating financial institutions signed the agreement in Seville, Spain.
This facility will empower Recurrent Energy to continue to develop and construct solar and battery energy storage projects across Spain, Italy, the United Kingdom, the Netherlands, France and Germany. Initially, the facility will support the near-term construction of close to 1 GW of solar capacity, with the vast majority allocated to Spain and the remainder to the United Kingdom.
This green facility will be available for three years with optional extensions. It is initially sized at €674 ($731) million but includes potential upsizing to approximately €1.3 billion. The agreement includes financing for both full merchant and contracted projects and allows credit to be received in both euros and British pounds.
Banco Santander CIB served as the global coordinator and sole bookrunner for this agreement, collaborating with several leading financial institutions. ING acted as the sole issuing bank and sole sustainability coordinator, overseeing compliance with environmental, social and governance (ESG) criteria for green financing. In addition to these two entities, the facility includes ABN AMRO, BBVA, Banco Sabadell, Rabobank, HSBC, Intesa Sanpaolo, Natwest and NORD/LB.
Clifford Chance provided legal counsel to Recurrent Energy, while Watson Farley & Williams represented the lenders. Bondholders SL acted as the facility and security agent.
“This agreement solidifies Recurrent Energy’s growth strategy and our transformation into one of the world’s leading independent renewable energy producers and developers,” Ismael Guerrero, CEO of Recurrent Energy, said. “We thank all our financial partners for their support and trust in our company. Together, we are delivering clean, reliable, and affordable power to the world, today and tomorrow.”
