Canadian Solar secures €1.3 billion credit line for European renewable energy projects

Canadian Solar Inc., a global developer and owner of solar and energy storage assets, announced that it has successfully secured a groundbreaking multi-currency revolving credit facility worth up to €1.3 billion. The agreement signed by Recurrent Energy and ten participating financial institutions aims to finance the construction of renewable energy projects in several European countries.

The loan, with an initial value of EUR 674 million and a potential increase to EUR 1.3 billion, will enable Recurrent Energy to develop and build solar and battery energy storage projects in Spain, Italy, the United Kingdom, the Netherlands, France and Germany. The facility will be available for three years with optional extensions, supporting the near-term construction of almost 1 GW of solar capacity, primarily in Spain and the United Kingdom.

This green facility offers financing for both commercial and contract projects, with credit available in Euro and British Pounds. The agreement represents an important milestone for Recurrent Energy, underlining its commitment to sustainable development and growth in the European market. The company is leading the energy transition with 26 GWp of solar and 56 GWh of battery projects worldwide.

Banco Santander CIB acted as Global Coordinator and Sole Bookrunner, working with other leading financial institutions. ING acted as the sole issuing bank and sole sustainability coordinator, ensuring compliance with environmental, social and governance (ESG) criteria for green finance. Additional banks involved in the service include ABN AMRO, BBVA, Banco Sabadell, Rabobank, HSBC, Intesa Sanpaolo, Natwest and NORD/LB.

Legal advice to the lenders was provided by Clifford Chance for Recurrent Energy and Watson Farley & Williams. SL’s bondholders acted as the Credit and Security Agent.

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

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