Recurrent Energy secures €1.3 billion credit line for renewable energy projects

Recurrent Energy, a subsidiary of Canadian Solar, has secured a multi-currency loan worth up to EUR 1.3 billion from ten banks for the implementation of renewable energy projects in several European countries.

Recurrent Energy aims to develop and build solar and battery storage projects in Spain, Italy, the UK, the Netherlands, France and Germany. Initially, the facility will support the short-term construction of close to 1 GW of solar capacity, with the vast majority allocated to Spain and the remainder to the UK.

Recurrent Energy has a global project of 26 GWp of solar energy and 56 GWh of battery energy storage.

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.

Clifford Chance advised Recurrent Energy, while Watson Farley & Williams represented the lenders. SL’s bondholders acted as the Credit and Security Agent.

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