Solar and energy storage project development platform Recurrent Energy has secured a €150 million (US$164.1 million) multicurrency facility with Santander Corporate & Investment Banking (Santander CIB) to support its transition to become an independent power producer (IPP).
According to Recurrent Energy, the facility consisted of a €30 million plus US$20 million term loan and a US$110.5 million revolving credit facility with a total duration of three years. The facility will support its transition to an IPP as well as its growth and strategy to retain greater asset ownership in select markets. The transaction was the fourth corporate facility between Recurrent Energy and Santander CIB over the past three years.
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Additionally, Recurrent Energy can leverage the facility to accelerate its transition towards a develop-to-own model in its core markets in North America and Europe.
Recurrent Energy is the global solar development and services business arm of Solar Module Super League member Canadian Solar, which the latter consolidated in April this year.
“Recurrent Energy is significantly accelerating its deployment of solar PV and battery energy storage by expanding its leading IPP revenue base and growing stable and predictable cash flows,” said Shawn Qu, chairman and CEO of Canadian Solar.
Currently, Canadian Solar operates 9GW of solar and 3 GWh of battery storage power plants in 29 countries. As of the first quarter of 2023, Recurrent Energy had a total global solar PV project pipeline of 25GWp and 47GWh of battery storage.
It also signed an aggregated virtual power purchase agreement (VPPA) with several offtakers for its 100MW solar PV project in Liberty County, Texas in May.