Recurrent Energy, a subsidiary of Canadian Solar, has secured a multi-currency revolving credit facility worth up to €1.3 billion (£1.1 billion) to finance new solar projects in several countries, including the United Kingdom.
This funding will initially support the development of up to 1 GW of solar capacity in Britain and Spain. Recurrent Energy currently has a project development pipeline of 26 GW of solar and 56 GWh of battery energy storage worldwide.
The financing package has been agreed with ten major banks and was initially set at €674 million, with the potential to increase to €1.3 billion (£1.1 billion). Credit will be available in both Euros and British Pounds.
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 producers and developers of renewable energy. We thank all our financial partners for their support and trust in our company. Together we deliver clean, reliable and affordable energy to the world, today and tomorrow.”
Looking for recurring
This new financing package provides welcome good news for Recurrent Energy, which recently suffered a major blow after the UK government delayed development consent for a major solar project.
The deadline for approval for the Mallard Pass Solar Farm, which Recurrent Energy and Windel Energy are proposing, has been postponed from May 16, 2024 to June 13, 2024. Speaking to Parliament, Secretary of State for Energy Security and Net Zero Claire Coutinho said the decision had been postponed “to ensure that the ministry has sufficient time to assess the application”.
If Mallard Pass Solar Farm receives approval for the development, it will have a generation capacity of approximately 350 MW, classifying it as a Nationally Significant Infrastructure Project (NSIP).
Solar Power Portal’s publisher Solar Media will host the UK Solar Summit on June 4-5, 2024 in London. The event will explore Britain’s new utility and rooftop solar landscape, look at the opportunities within a GW+ annual market, and much more. For more information, go to the website.
