Recurrent Energy 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 is 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, and ING served as the Sole Issuing Bank and Sole Sustainability Coordinator. Other participating banks include ABN AMRO, BBVA, Banco Sabadell, Rabobank, HSBC, Intesa Sanpaolo, Natwest, and NORD/LB.
REGlobal’s Views: Owned by Canadian Solar, Recurrent Energy is focusing on expanding its solar plus storage portfolio across Europe, as energy storage becomes necessary to manage intermittent solar generation in key markets. The company has already got 10 GWp of operating utility-scale solar projects and more than 3 GWh of energy storage capacity across the globe with another 27 GWp of solar and 55 GWh of battery storage in the pipeline.
