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Recurrent Energy, a subsidiary of Canadian Solar Inc. and a prominent global player in solar and energy storage development, has announced that it has secured a credit facility worth up to US$415 million. The financing comes from a consortium of four major international banks and is designed to support the company’s ongoing growth as an independent power producer (IPP) across various global markets. This corporate credit facility is structured to offer both flexibility and scalability, in line with Recurrent Energy’s strategy to expand its portfolio of solar and energy storage assets. The initial size of the facility is US$415 million, but it includes an accordion feature, which allows for future increases in funding as needed. The facility supports disbursements in multiple currencies—specifically US dollars (USD), euros (EUR), British pounds (GBP), and Australian dollars (AUD). This multi-currency setup strengthens the company’s financial agility, enabling it to respond quickly to opportunities and accelerate the rollout of clean energy projects in different regions. Ismael Guerrero, CEO of Recurrent Energy, mentioned, “This agreement marks an important step in solidifying Recurrent Energy’s growth strategy and supporting our transformation into one of the world’s foremost independent producers and developers of renewable energy. We are deeply grateful to our financial partners for their unwavering support and confidence in our vision. Together, we are not only shaping the future of energy—we are delivering clean, reliable, and affordable power around the world, today and for generations to come.” Securing this credit facility represents a significant step in Recurrent Energy’s transformation into a fully integrated independent power producer. It underscores the company’s commitment to long-term sustainable development and to taking a leadership role in the global clean energy transition. While expanding its IPP business, Recurrent Energy also continues to follow a develop-and-sell approach in selected markets where it can generate strong value through asset sales. The transaction was supported by Banco Santander, which served as the global financial advisor. The group of lending banks includes Banco Santander, Rabobank, Intesa Sanpaolo, and Morgan Stanley, all of which bring strong financial backing and expertise to the deal. This agreement enhances Recurrent Energy’s ability to fund future projects and reinforces its position as a key player in the renewable energy sector. |
