Recurrent Energy provides €674 million in financing

Ultimately, it will support the development of solar energy and BESS in Spain, Italy, Great Britain, the Netherlands, France and Germany. First, the financing will support around 1 GW of solar projects, the “vast majority” of which are expected to be built in Spain and some in the UK.

Recurrent Energy has not confirmed the total capacity of the solar modules or energy storage the facility will finance. It said the total development scope includes 26 GWp of photovoltaics and 56 GWh of energy storage.

Ismael Guerrero, CEO of Recurrent Energy, said the transaction “solidifies… our transformation into one of the world’s leading independent producers and developers of renewable energy.”

Over the last year, the company has been moving towards an IPP model – in which it builds, develops and owns its projects. Last month, it secured another €110 million multi-currency financing facility to develop its pipeline and facilitate the transition to IPPs.

In January, Blackrock, the world’s largest asset owner, invested $500 million in capital to acquire a 20% stake in Recurrent Energy. Recurrent said that as part of its transition to IPP, the transaction will allow it to secure reliable revenues in Europe and the US in “low-risk currencies”

In its first-quarter 2024 financial results, Recurrent Energy’s parent company, Canadian Solar, reported reduced module shipments but increased revenues compared to its fourth-quarter 2023 results.