Recurrent Energy, a developer of utility-scale solar and energy storage assets based in Austin, Texas, has secured a multi-currency revolving credit facility valued at up to €1.3 billion ($1.41 billion)
The credit facility will be available for three years with optional extensions. It is initially sized at €674 million but, according to the company’s statement, includes potential upsizing to approximately €1.3 billion.
The financing will go towards the development and construction of solar and battery energy storage projects across Spain, Italy, the UK, the Netherlands, France and Germany.
Work will begin with supporting the near-term construction of close to 1 GW of solar capacity, the majority of which is in Spain and the remainder in the UK, Recurrent Energy says. The company claims to have a project development pipeline of 26 GW of solar and 56 GWh of battery energy storage worldwide.
Its latest financing agreement received support from Santander CIB, as the Global Coordinator and Sole Bookrunner for the agreement and 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 renewable energy producers and developers,” said Ismael Guerrero, Recurrent Energy CEO.
Last year, Recurrent Energy announced it secured a €150 million multi-currency facility with Santander CIB. The company is a wholly-owned subsidiary of Chinese-Canadian solar manufacturer Canadian Solar.
This content is protected by copyright and may not be reused. If you want to cooperate with us and would like to reuse some of our content, please contact: editors@pv-magazine.com.
By submitting this form you agree to pv magazine using your data for the purposes of publishing your comment.
Your personal data will only be disclosed or otherwise transmitted to third parties for the purposes of spam filtering or if this is necessary for technical maintenance of the website. Any other transfer to third parties will not take place unless this is justified on the basis of applicable data protection regulations or if pv magazine is legally obliged to do so.
You may revoke this consent at any time with effect for the future, in which case your personal data will be deleted immediately. Otherwise, your data will be deleted if pv magazine has processed your request or the purpose of data storage is fulfilled.
Further information on data privacy can be found in our Data Protection Policy.