Recurrent Energy provides breakthrough multi-currency financing of up to €1.3 billion to accelerate Europe’s renewable energy portfolio

The The revolving credit facility will provide flexible financing for the construction of solar and battery energy storage projects throughout the country Spain, Italy, United Kingdom, Netherlands, FranceAND Germany

GUELPH, ON, May 23, 2024 /PRNewswire/ — Recurrent Energy, a subsidiary of Canadian Solar Inc. (“Canadian Solar”) (NASDAQ: CSIQ), a global developer and owner of solar and energy storage assets, today announced that it has secured a groundbreaking multi-currency revolving credit facility of up to EUR 1.3 billion from ten banks for the construction of related projects. with renewable energy in several European countries. Recurrent Energy and participating financial institutions have signed an agreement in Seville, Spain.

This facility will enable Recurrent Energy to continue to develop and build solar and battery energy storage projects around the world Spain, Italy, United Kingdom, Netherlands, FranceAND Germany. Initially, the facility will support the short-term construction of nearly 1 GW of photovoltaic capacity, the vast majority of which will be dedicated to Spain and the rest to United Kingdom.

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.

This financing represents a significant milestone for Recurrent Energy, underlining its commitment to sustainable development and growth in the European market. With the support of its financial partners, Recurrent Energy continues to lead the energy transition with a pipeline of 26 GWp of solar and 56 GWh of battery storage worldwide.

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: ABNA AMROBBVA, Banco Sabadell, Rabobank, HSBC, Intesa Sanpaolo, Natwest and NORD/LB.

Clifford’s Chance provided legal advice to Recurrent Energy, and the lenders were represented by Watson Farley & Williams. SL’s bondholders acted as the Credit and Security Agent.

Ismael GuerreroCEO of Recurrent Energysaid: “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 their support and trust in our company. Together we deliver clean, reliable and affordable energy to the world, today and tomorrow.”

The story continues

***

About renewable energy

Recurrent Energy is one of the world’s largest and most geographically diverse platforms for the development, ownership and operations of utility-scale solar and energy storage projects, with an industry-leading team of in-house energy experts. Recurrent Energy is a subsidiary of Canadian Solar Inc. Additional details can be found at www.recurrentenergy.com.

About Canadian Solar Inc.

Canadian Solar was founded in 2001 Canada and is one of the world’s largest companies dealing in photovoltaic technology and renewable energy. It is a leading manufacturer of photovoltaic modules, a provider of solar and battery storage solutions, and a developer of industrial-scale solar and battery energy storage projects, with a geographically diverse pipeline in various stages of development. Over the past 23 years, Canadian Solar has successfully delivered over 125 GW of high-quality solar modules to customers around the world. Similarly, since launching its project development activities in 2010, Canadian Solar has developed, constructed and connected over 10 GWp of solar power projects and 3.3 GWh of battery energy storage projects worldwide. Currently, the Company has photovoltaic projects with a capacity of over 1.2 GWp in operation, projects under construction or in the backlog phase worth 6.5 GWp, and additional projects with a capacity of 19.8 GWp in the advanced and early stages of implementation. In addition, the Company has implemented battery energy storage projects with a total value of 600 MWh and plans to develop battery energy storage projects with a total value of approximately 56 GWh, of which approximately 4.3 GWh is under construction or has a backlog, and an additional 51.6 GWh is at an advanced stage. and early stage. development. Canadian Solar is one of the most bankable companies in the solar and renewable energy industry, listed on the NASDAQ stock exchange since 2006. Additional information about the Company can be obtained by following Canadian Solar on LinkedIn or visiting www.canadiansolar.com.

Safe Harbor/Forward-Looking Statements

Certain statements contained in this press release are forward-looking statements and involve a number of risks and uncertainties that could cause actual results to differ materially. These statements are made pursuant to the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. In some cases, forward-looking statements may be identified by terminology such as “believes,” “expects,” “anticipates,” “intends”, “estimates”, the negative of these terms or other comparable terminology. Factors that could cause actual results to differ include general business, regulatory and economic conditions and the state of the solar module and battery market and industry; geopolitical tensions and conflicts, including stalemates, sanctions and export controls; volatility, uncertainty, delays and disruptions related to the Covid-19 pandemic; supply chain disruptions; government support for the use of solar energy; future available supplies of high purity silicon; consumer demand for end-use products and inventory levels of such products in the supply chain; changes in demand from significant customers; changes in demand in major markets such as JapanUnited States, China, Brazil AND Europe; changes in effective tax rates; changes in customer ordering patterns; changes in product mix; changes in corporate responsibility, in particular environmental, social and governance (“ESG”) requirements; production capacity utilization; level of competition; pricing pressures and declines or failure to timely adjust average sales prices; delays in introducing a new product; delays in the approval process for utility-scale projects; delays in construction of utility-scale projects; delays in project sales; continued success in technological innovation and delivering products with the features customers demand; material supply shortages or performance requirements; availability of financing; currency and inflation fluctuations; litigation and other risks described in Canadian Solar’s filings with the Securities and Exchange Commission, including its annual report on Form 20-F filed on April 26, 2024. Although Canadian Solar and Recurrent Energy believes that the expectations reflected in the forward-looking statements are reasonable, it cannot guarantee future results, level of activity, performance or achievements. Investors should not place undue reliance on forward-looking statements. All information contained in this press release is current as of today, unless otherwise indicated, and Canadian Solar and Recurrent Energy has no obligation to update such information, except as required by applicable law.

Canadian Solar Inc. investor contact
Huang wines
Investor Relations
The Canadian company Solar Inc.
[email protected]

Constant contact with energy media
Inés Arrimadas
Renewable energy
[email protected]

View original content: https://www.prnewswire.com/news-releases/recurrent-energy-secures-landmark-green-multi-currency-financing-for-up-to-1-3-billion-to-accelerate- european-renewable-energy-portfolio-302154055.html

SOURCE Canadian Solar Inc.