Recurrent Energy, a solar and energy storage project developer and wholly owned subsidiary of Canadian Solar, has secured a multi-currency credit facility valued at up to $415 million.
This corporate funding was backed by a consortium of four major banks: Banco Santander, Rabobank, Intesa Sanpaolo, and Morgan Stanley. Banco Santander acted as the Global Financial Advisor.
Initially sized at $415 million, the funding includes an accordion feature that allows for a potential upsizing and offers disbursements in USD, EUR, GBP, and AUD.
This funding is expected to assist the company in expanding its independent power producer portfolio across diverse geographies and markets.
“This agreement marks a pivotal step in solidifying Recurrent Energy’s ambitious growth strategy and accelerating our transformation into one of the world’s foremost independent producers and developers of renewable energy. We are deeply grateful to our financial partners for their unwavering support and confidence in our vision. Together, we are not only shaping the future of energy—we are delivering clean, reliable, and affordable power around the world, today and for generations to come,” said Ismael Guerrero, CEO of Recurrent Energy.
The company said that it has developed and connected 11 GWp of solar projects and 3 GWh of energy storage projects across six continents, with over 27 GWp of solar and 68 GWh of energy storage capacity in the project development pipeline as of December 2024.
According to Mercom’s Q1 2025 Solar Funding and M&A report, debt financing for the solar sector reached $3.5 billion across 23 deals, a 45% drop compared to the $6.4 billion secured in the same number of deals in Q1 2024.
In March, Apricus Generation, a distributed solar and battery development platform and independent power producer, announced that it had secured a $30 million revolving credit facility with Atlantic Union Bank.
