The facility will support Recurrent Energy's growth and strategy to retain greater asset ownership in select markets. Recurrent Energy is one of the world's largest and most geographically diversified utility-scale solar and battery energy storage platforms, with a track record of 9 GW of solar and 3 GWh of battery storage power plants now in operation in 29 countries across five continents.
This transaction marks the fourth corporate facility between Recurrent Energy and Santander CIB over the past three years which demonstrates Santander's commitment and continuing support for Recurrent Energy's business. The new facility is composed of a €30 million plus $20 million term loan and a $110.5 million revolving credit facility, with a total duration of three years. This structure provides Recurrent Energy significant flexibility to execute on its growth plans and accelerate its transition to a develop-to-own model in its core markets in North America and Europe, capturing the full value of the projects developed in low-risk markets.
“Recurrent Energy is significantly accelerating its deployment of solar PV and battery energy storage by expanding its leading IPP (independent power producer) revenue base and growing stable and predictable cash flows. We continue to foster long-term community partnerships and create a lasting positive impact, as our success will come from true commitment to community values,” said Dr. Shawn Qu, Chairman and CEO of Canadian Solar.
He added, “The strengthening partnership with Santander CIB allows Recurrent Energy to continue to leverage on its expertise across development, finance, construction and operations to further grow its clean energy platform.”
As of the first quarter of 2023, Recurrent Energy has a total global solar PV project pipeline of 25 GWp and 47 GWh of battery storage of which 14 GWp and 12 GWh respectively have interconnections granted, with a large majority of the pipeline being developed from greenfield.
