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Recurrent Energy, a leading provider of solar PV and energy storage solutions, has announced the acquisition of a multi-currency facility totaling €110 million ($120 million) from an international banking consortium led by Investec Bank Plc.
Comprising a €55 million term loan and a €55 million revolving credit facility, the funding spans a three-year duration. This financial boost is earmarked to bolster Recurrent Energy’s transition into an independent power producer (IPP) and facilitate the acceleration of its global growth strategy.
With a formidable project pipeline of 27 GWp in solar PV and 55 GWh in energy storage as of January 31, 2024, Recurrent Energy is poised to leverage this investment to solidify its position as a frontrunner in the renewable energy sector.
CEO of Recurrent Energy, Ismael Guerrero, expressed gratitude for the support from Investec and its partners, emphasizing the significance of the facility in advancing the company’s mission of delivering clean, reliable, and affordable energy solutions on a global scale.
Antonio Cravo from Investec Energy and Infrastructure Finance UK underscored the tailored financing solution’s role in enabling Recurrent Energy’s strategic ambitions. He emphasized Investec’s commitment to fostering positive contributions to society and the environment through impactful partnerships like this one. |
