– Recurrent Energy secured a €1.3bn credit facility to accelerate renewable energy portfolio development in Europe
– The facility will support the construction of 1GW of solar capacity in Spain and the UK
– The company received a $500m investment commitment from BlackRock’s climate infrastructure fund to expand project development pipeline in the US and Europe.
Recurrent Energy, a US-based company, has secured a €1.3bn credit facility to accelerate the development of renewable energy projects in Europe. The facility will support the construction of solar and battery energy storage systems (BESS) projects in countries like Spain, Italy, the UK, the Netherlands, and France. Initially sized at €674m, the facility has the potential to be upsized to €1.3bn and will be available for an initial period of three years from 2024.
The financing will initially focus on the construction of 1GW of solar capacity, mainly in Spain and the UK. Recurrent Energy, a subsidiary of Canadian Solar, has a robust project development pipeline with 26GW of solar and 56GWh of BESS globally. The agreement for the financing was facilitated by Santander CIB and ING, with additional financial partners participating in the debt facility.
In early 2024, Recurrent Energy received a $500m investment commitment from BlackRock’s climate infrastructure fund. This investment represents a 20% stake in Recurrent Energy and will enable the company to expand its project development pipeline in the US and Europe while transitioning to owning and operating projects for the long term. Recurrent Energy’s CEO Ismael Guerrero expressed gratitude to all financial partners for their support in helping the company become a leading independent renewable energy producer and developer.