Canadian Solar raises up to $1.4 billion in financing for European renewable energy projects

Aerial view of a solar power plant and solar panels — Jackyenjoyphotography/Moment via Getty Images

Canadian Solar Power (NASDAQ:CSIQ) subsidiary Recurrent Energy said on Thursday that it has secured a multi-currency revolving credit facility worth as much as 1.3 billion euros (~$1.4 billion) from 10 banks to build renewable energy projects in several European countries.

Initially, the revolver will support the company said it plans to build ~1 GW of solar capacity in the near future, with the vast majority allocated to Spain and the UK.

Canadian Solar (CSIQ) said the facility will be available for three years with optional extensions; is initially estimated at EUR 674 million, but includes a potential increase to ~ EUR 1.3 billion.

“This agreement reinforces Recurrent Energy’s growth strategy and our transformation into one of the world’s leading independent renewable energy producers and developers,” said Recurrent Energy CEO Ismael Guerrero.