Wednesday, July 17, 2024

Recurrent Energy secures €1.3 billion financing for European mission pipeline – pv journal Worldwide

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The subsidiary of Chinese-Canadian photo voltaic producer Canadian Solar mentioned the financing will go in the direction of the event and development of photo voltaic and battery power storage initiatives throughout Spain, Italy, the UK, the Netherlands, France and Germany.

Recurrent Energyan Austin, Texas-based developer of utility-scale photo voltaic and power storage property, has secured a multi-currency revolving credit score facility price as much as €1.3 billion ($1.41 billion)

The credit score facility shall be accessible for 3 years with optionally available extensions. It is initially price €674 million however, in line with the corporate’s assertion, features a potential enhance of roughly €1.3 billion.

The financing will go to the event and development of photo voltaic and battery power storage initiatives throughout Spain, Italy, the UK, the Netherlands, France and Germany.

Work will start to help the near-term development of round 1 GW of photo voltaic capability, most of which shall be in Spain and the remainder within the UK, Recurrent Energy mentioned. The firm claims to have a mission improvement pipeline of 26 GW of photo voltaic and 56 GWh of battery power storage worldwide.

The newest financing settlement obtained help from Santander CIB, as Global Coordinator and Sole Bookrunner for the settlement and ING, appearing as Sole Issuing Bank and Sole Sustainability Coordinator. Other monetary companions within the settlement embody ABN AMRO, BBVA, Banco Sabadell, Rabobank, HSBC, Intesa Sanpaolo, Natwest and NORD/LB.

“This settlement reinforces Recurrent Energy’s progress technique and our transformation into one of many main unbiased producers and builders of renewable power,” mentioned Ismael Guerrero, Recurrent Energy CEO.

Last 12 months, Recurrent Energy introduced that it had acquired a €150 million multi-currency facility with Santander CIB. The firm is a completely owned subsidiary of the Chinese-Canadian photo voltaic producer Canadian Solar.

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