Recurrent Energy secures €1.3 billion credit

Recurrent Energy, a subsidiary of Canadian Solar Inc., has secured a €1.3 billion multi-currency revolving credit facility with ten banks for renewable energy projects in Europe. Signed in Seville, Spain, it will support the construction of solar and battery projects across Spain, Italy, the UK, the Netherlands, France, and Germany. Initially, the facility will support the construction of nearly 1 GW of solar capacity, primarily in Spain and the United Kingdom. The facility, available for three years with optional extensions, can increase from €674 million to €1.3 billion. It offers financing for both full merchant and contracted projects in euros and British pounds. Banco Santander CIB and ING are key players, ensuring compliance with green financing standards. Other participating banks include ABN AMRO, BBVA, Banco Sabadell, Rabobank, HSBC, Intesa Sanpaolo, Natwest, and NORD/LB.