The subsidiary of Chinese-Canadian solar manufacturer Canadian Solar says the funding will go towards the development and construction of solar and battery energy storage projects in Spain, Italy, Britain, the Netherlands, France and Germany.
Returning energya developer of utility-scale solar and energy storage assets based in Austin, Texas, has secured a multi-currency revolving credit facility worth up to €1.3 billion ($1.41 billion).
The credit facility will be available for three years with optional extensions. Its size initially amounts to €674 million, but includes a potential expansion to approximately €1.3 billion, according to the company’s statement.
The funding will go towards the development and construction of solar and battery energy storage projects in Spain, Italy, Great Britain, the Netherlands, France and Germany.
The work will start by supporting the near-term construction of almost 1 GW of solar capacity, most of it in Spain and the rest in Britain, Recurrent Energy says. The company claims to have a project development pipeline of 26 GW of solar and 56 GWh of battery energy storage globally.
The latest financing deal received support from Santander CIB, as Global Coordinator and Sole Bookrunner for the deal, and from ING, which acted as the Sole Issuing Bank and Sole Sustainability Coordinator. Other financial partners in the agreement include ABN Amro, BBVA, Banco Sabadell, Rabobank, HSBC, Intesa Sanpaolo, Natwest and NORD/LB.
“This agreement solidifies Recurrent Energy’s growth strategy and our transformation into one of the world’s leading independent producers and developers of renewable energy,” said Ismael Guerrero, CEO of Recurrent Energy.
Last year, Recurrent Energy announced that it was a €150 million multi-currency facility with Santander CIB. The company is a wholly owned subsidiary of the Chinese-Canadian solar manufacturer Canadian solar energy.
This content is copyrighted and may not be reused. If you would like to collaborate with us and reuse some of our content, please contact: editors@pv-magazine.com.
