Recurrent Energy, a subsidiary of Canadian Solar Inc. (“Canadian Solar”) (NASDAQ: CSIQ) and a global developer and owner of solar and energy storage assets, today announced that it has secured a multi-currency facility of up to €110 million ($120 million) from a group of international banks led by Investec Bank Plc.
The facility consists of a €55 million term loan and a €55 million revolving credit facility with a total duration of three years. The funding will support Recurrent Energy in the execution of its global solar PV and energy storage project pipeline, as it transitions to become an independent power producer (IPP) and accelerates its growth strategy. As of January 31, 2024, Recurrent Energy had 27 GWp of solar PV project pipeline and 55 GWh of energy storage pipeline.
Ismael Guerrero, CEO of Recurrent Energy, said, “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, Investec Energy and Infrastructure Finance UK, added, “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.”
About Investec
Investec Bank Plc (‘Investec Bank’ or ‘IBP’) is the UK banking subsidiary of Investec, the international financial services group. Investec Bank partners with private, institutional, and corporate clients, offering banking and investment services in the UK, Europe, and certain other countries.
About Recurrent Energy
Recurrent Energy is one of the world’s largest and most geographically diversified utility-scale solar and battery 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 functions as Canadian Solar’s global development and power services business. Additional details are available at https://www.recurrentenergy.com/.
