Solar developer Recurrent Energy has secured a €110 million (US$119 million) multi-currency finance facility to support the development of its global solar PV and energy storage project pipeline.
The financing facility consists of a €55 million (US$59 million) term loan and a €55 million revolving credit facility. Recurrent Energy – a subsidiary of China-based solar manufacturing major Canadian Solar – said that the financing came from “a group of international banks” led by Investec Bank Plc, the UK subsidiary of international finance group Investec.
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In addition to supporting the buildout of its solar and storage pipeline, the financing will contribute to Recurrent’s ongoing transition to becoming an independent power producer (IPP). The company said it had a 27GWp solar PV pipeline – and 55GWh of energy storage – as of 31st January 2024.
Antonio Cravo, VP of power and infrastructure finance at Investec, said that the bank “delivered a tailored financing solution that will enable Recurrent Energy to achieve its strategic ambitions and continue its transition to an IPP model.”
In January this year, Recurrent secured a US$500 million investment from the world’s largest asset owner, Blackrock, in exchange for a 20% minority stake. This, the company said, was a significant enabler of its transition from project developer to IPP, where it would seek to develop, own and operate its PV projects in markets “including the US and Europe”.
Much of Recurrent’s recent project activity has been in North America. February saw the company close financing deals for projects in both Mexico and the US state of Louisiana with 119MW and 127MW capacity respectively.
Its parent company, Canadian Solar, posted “record” module shipment and net income figures in its 2023 financial results. The March announcement confirmed that Canadian Solar’s yearly shipments rose 45% in 2023, to 30.7GW; incomes rose 12% too, despite the significant drop in the average selling price of solar modules over the course of the year.