Recurrent Energy provides green, multi-currency financing of up to €1.3 to accelerate Europe’s renewables portfolio: Advisors

Recurrent Energy, a subsidiary of Canadian Solar and global developer and owner of solar and energy storage assets, announced that it has secured a groundbreaking multi-currency revolving credit facility of up to €1.3 billion from ten banks to build renewable energy energy projects in several European countries. Recurrent Energy and participating financial institutions signed the agreement in Seville, Spain.

This multi-currency syndicated financing denominated in euro and sterling will be used for the construction and development of renewable energy projects in Spain, Italy, the UK, the Netherlands, France and Germany and includes battery energy storage projects. Initially, this ESG-linked financing will support the construction of around 1 GW of solar projects in the short term, mainly located in Spain, with a few additional projects in the UK.

This eco-friendly facility will be available for three years with optional extensions. It was originally estimated at EUR 674 million, but a potential increase to approximately EUR 1.3 billion was included. The agreement covers financing for both commercial and contract projects and allows you to receive loans in both euro and British pounds.

Under this agreement, Banco Santander CIB acted as Global Coordinator and Sole Bookrunner, working 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 finance. In addition to these two entities, the facility includes ABN AMRO, BBVA, Banco Sabadell, Rabobank, HSBC, Intesa Sanpaolo, Natwest and NORD/LB.

Advisors

Recurrent Energy also operated through an in-house legal team, led by its senior director and general counsel for EMEA, Antonio Adamiwith the support of the Legal Advisor Juan Jose Adan Martin and senior legal advisor Miguel Martin Ortega.

The Clifford Chance team provided legal assistance to Recurrent Energy with a team led by a partner from Global Financial Markets José Guardotogether with colleagues Álvaro Cabaleiro, Maria González AND Marta Ruiz (Spanish law), as well as senior partner James Rodier and co-worker Emma’s price (English law). They were supported by a legal advisor Chiara Commis, senior associate Roberto Ingrassia and colleagues Giovanni Fierro AND Luca Gualtieri (Italian law), as well as a partner Hein Tonnaer and colleagues Bart Stuyfzand AND Shaun Campbell (Dutch law). The team also included a senior advisor for Robert Grau tax advice and Senior Associate Angel Muñoz advice on derivatives.

Watson Farley and Williams represented the lenders with a partner-led team Rodrigo Berasategui.