Recurrent Energy raises $1.41 billion to expand portfolio in Europe

US company Recurrent Energy has secured a €1.3 billion ($1.41 billion) credit line to accelerate the expansion of its renewable energy portfolio in Europe.

The multi-currency revolving credit facility will be available initially for a period of three years from 2024, with the possibility of extension.

The facility, originally estimated at EUR 674 million, has the potential to increase to EUR 1.3 billion.

The project will focus on the development and construction of solar and battery energy storage system (BESS) projects in European countries, including Spain, Italy, the UK, the Netherlands and France.

The financing will initially support the construction of 1 GW of solar power plants, the majority of which will be located in Spain and the remainder in the UK.

Recurrent Energy, a subsidiary of Canadian Solar, has extensive project development plans, including 26 GW of solar and 56 gigawatt-hours of BESS globally.

The conclusion of the agreement for the latest financing was facilitated by Santander CIB, acting as global coordinator and sole book-runner, and ING, as the sole issuing bank and sole coordinator for sustainable development.

Additional financing partners participating in the debt facility include ABN AMRO, BBVA, Banco Sabadell, Rabobank and HSBC.

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

“We would like to thank all our financial partners for the support and trust they have placed in our company. Together we provide the world with clean, reliable and affordable energy, today and tomorrow.”

In early 2024, Recurrent Energy received a $500 million investment commitment from BlackRock’s Climate Infrastructure Fund.

This preferred equity investment, which is convertible to common equity, represents a 20% ownership interest in Recurrent Energy, while retaining a majority ownership interest in Canadian Solar.

BlackRock’s investment enables Recurrent Energy to expand its project development footprint, particularly in the U.S. and Europe, and move from solely project development to project ownership and long-term management.

Recurrent Energy Provides $1.41 Billion to Expand Portfolio in Europe was originally created and published by Power Technology, a brand of GlobalData.

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