Recurrent Energy secures new EUR150M multi-currency facility with Santander CIB

Canadian Solar (CSIQ) announced that Recurrent Energy has secured a EUR 150M multicurrency facility with Santander Corporate & Investment Banking (SAN). The facility will support Recurrent Energy’s growth and strategy to retain greater asset ownership in select markets. Recurrent Energy is one of the world’s largest and most geographically diversified utility-scale solar and battery energy storage platforms, with a track record of 9 GW of solar and 3 GWh of battery storage power plants now in operation in 29 countries across five continents. This transaction marks the fourth corporate facility between Recurrent Energy and Santander CIB over the past three years which demonstrates Santander’s commitment and continuing support for Recurrent Energy’s business. The new facility is composed of a EUR 30 million plus $20 million term loan and a $110.5 million revolving credit facility, with a total duration of three years. This structure provides Recurrent Energy significant flexibility to execute on its growth plans and accelerate its transition to a develop-to-own model in its core markets in North America and Europe, capturing the full value of the projects developed in low-risk markets.