Recurrent Energy, a subsidiary of Canadian Solar, has secured a multi-currency revolving credit facility worth up to €1.3 billion from a consortium of ten banks for the development of renewable energy projects across multiple European countries. The agreement will enable Recurrent Energy to advance its solar and battery energy storage projects in Spain, Italy, the United Kingdom, the Netherlands, France, and Germany.
Initially, the facility, valued at €674 million with the potential to expand to approximately €1.3 billion, will support the near-term construction of nearly 1 GW of solar capacity, primarily in Spain and the remainder in the United Kingdom. This green facility, available for three years with possible extensions, supports both full merchant and contracted projects, allowing credit to be received in euros and British pounds.
Furthermore, Banco Santander CIB acted as the Global Coordinator and Sole Bookrunner for this agreement, working with several leading financial institutions. ING served as the Sole Issuing Bank and Sole Sustainability Coordinator, ensuring compliance with Environmental, Social, and Governance standards for green financing. Other participating banks include ABN AMRO, BBVA, Banco Sabadell, Rabobank, HSBC, Intesa Sanpaolo, Natwest, and NORD/LB. Clifford Chance provided legal counsel to Recurrent Energy, while Watson Farley & Williams represented the lenders, and Bondholders SL acted as the Facility and Security Agent.
