Recurrent Energy, a subsidiary of Canadian Solar, has secured a US$50 million letter of credit facility from multinational financial services firm, Natixis.
The US$50 million facility will be used to support the development of Recurrent’s utility-scale solar projects across the US and Canada. Recurrent Energy will use this LC facility primarily to support security obligations under power purchase agreements and interconnection agreements for development-stage projects.
DLA Piper represented Natixis' New York Branch in its roles as arranger, agent and issuing bank with respect to the US$50 million secured letter of credit facility. The DLA Piper team was led by US Chair of Renewable Energy, Timothy Moran, and Philip Corsello.
This facility size may be increased with participation from additional banking partners that are committed to the North American renewable energy sector.
Shawn Qu, chairman and chief executive officer of Canadian Solar, said: “The closing of this innovative LC facility with long-time partner Natixis reflects strong market confidence in Canadian Solar's high quality solar assets in the US and Canada. We are very happy to again join forces with Natixis, a global leader in renewable energy financing, as we continue to expand our North American solar portfolio.”