Canadian Solar seals €1.3B credit for Euro renewable energy projects.

By Oliver Townsend May 24, 2024
Canadian Solar Secures €1.3 Billion Credit Facility for European Renewable Energy Projects.pngOrginal image from: https://solarquarter.com/2024/05/24/canadian-solar-secures-e1-3-billion-credit-facility-for-european-renewable-energy-projects/

Canadian Solar Inc. has recently secured a significant multi-currency revolving credit facility valued at up to €1.3 billion to fund renewable energy projects across Europe. This landmark agreement, signed by Recurrent Energy and ten financial institutions, aims to support the construction of solar and battery energy storage projects in countries like Spain, Italy, the UK, the Netherlands, France, and Germany. This move underscores Canadian Solar’s commitment to sustainable development and growth in the European market.

Empowering Renewable Energy Projects in Europe

The credit facility, with an initial size of €674 million extendable to €1.3 billion, will enable Recurrent Energy to develop nearly 1 GW of solar capacity, primarily in Spain and the UK. The financing will cater to both full merchant and contracted projects, providing credit in euros and British pounds. This milestone reflects Recurrent Energy’s dedication to leading the energy transition with a robust project development pipeline globally.

Strategic Financial Partnerships

Banco Santander CIB served as the Global Coordinator and Sole Bookrunner for this credit facility, working alongside other major financial institutions like ING, ABN AMRO, BBVA, and HSBC. ING also acted as the Sole Issuing Bank and Sole Sustainability Coordinator to ensure compliance with green financing standards. Legal counsel was provided by Clifford Chance and Watson Farley & Williams, with Bondholders SL serving as the Facility and Security Agent.

Delivering Clean and Affordable Power

Ismael Guerrero, CEO of Recurrent Energy, expressed gratitude to their financial partners for their support in solidifying the company’s growth strategy. This partnership aims to position Recurrent Energy as a leading independent renewable energy producer and developer, delivering clean, reliable, and affordable power solutions to communities worldwide.

Driving Sustainable Development

This agreement exemplifies the ongoing commitment of Canadian Solar and Recurrent Energy to advancing renewable energy projects and fostering sustainable development in Europe. By securing this substantial credit facility, the companies are poised to make a significant impact in the region’s energy landscape, paving the way for a greener and more sustainable future.

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