Recurrent Energy Secures €110 Million Green Loan Facility From International Banks

SECI Issues Bid For 20 MW Solar Plant With BESS In Leh

Recurrent Energy, a subsidiary of Canadian Solar Inc. and owner of solar and energy storage assets, today announced that it has secured a multi-currency facility of up to (€110 million) $120 million from a group of international banks led by Investec Bank Plc.

According to Recurrent Energy, the facility consists of a €55 million term loan and a €55 million revolving credit facility with a total duration of three years. The funding will support Recurrent Energy in the execution of its global solar PV and energy storage project pipeline, as it transitions to become an independent power producer (IPP) and accelerates its growth strategy. As of January 31, 2024, Recurrent Energy had 27 GWp of solar PV project pipeline and 55 GWh of energy storage pipeline.

Ismael Guerrero, CEO of Recurrent Energy, said, “This facility marks a significant step towards our goal of establishing a leading global platform for clean, reliable, and affordable energy solutions. We appreciate the support and trust of Investec and its partners and anticipate a mutually beneficial long-term relationship.”

Antonio Cravo, Investec Energy and Infrastructure Finance UK added, “Leveraging our deep expertise in the sector, we successfully delivered a tailored financing solution that will enable Recurrent Energy to achieve its strategic ambitions and continue its transition to an IPP model. We are delighted to partner with Recurrent Energy on this important transaction – reflecting Investec’s commitment to making a positive contribution to people and planet.”

Earlier in February, Recurrent Energy announced that it had secured $160 million in project financing for its 127 MWdc Bayou Galion Solar project, located in Northeast Louisiana. The company said that the project is currently under construction and is expected to be operational by fall 2024. Recurrent also announced that it has closed non-recourse project financing for its 119 MW Horus Solar project in the region of Aguascalientes, Mexico. Recurrent owns 49 percent of the Horus Solar project, while Korea Electric Power Corporation (KEPCO) and Sprott own 15 percent and 36 percent respectively.