Recurrent Energy, a solar and energy storage project developer and wholly owned subsidiary of Canadian Solar, announced the closing of €61.5 million (~$70.8 million) in non-recourse debt financing for its Italian solar project portfolio.
Santander Bank provided the financing. The portfolio is held through an Italian Real Estate Investment Fund (REIF), a privately held investment vehicle majority-owned by Recurrent Energy.
The financing package supports a portfolio comprising 124 MW of operational solar projects, as well as the construction of a co-located battery energy storage system.
“This is a strategic milestone for Recurrent Energy in Europe,” said Ismael Guerrero, CEO of Recurrent Energy. “By successfully closing a non-recourse structure—while integrating a storage asset into the facility—we continue to demonstrate our ability to execute complex transactions that unlock value and reinforce our IPP strategy.”
Earlier this year, in March, the company secured $183 million in project and tax equity financing for its 200 MWh Fort Duncan storage project in Maverick County, Texas. The storage project will operate on a merchant basis, storing and dispatching power to the ERCOT grid in response to the market demand.
Last year, Recurrent Energy announced the financial closure of the Carwarp Energy Park in Australia. The Carwarp Energy project, located in Northwest Victoria near the town of Carwarp, consists of 171 MW of solar power with a Stage 2 hybrid 120 MW co-located battery energy storage system. The project is expected to reach commercial operation in 2026 and will feature 243,000 Canadian Solar modules.
The company has developed, built, and connected approximately 11.6 GWp of solar projects and 4.5 GWh of energy storage projects across six continents to date, according to the press release.
According to Mercom’s Q1 2025 Solar Funding and M&A report, announced large-scale project funding increased by 27% in Q1 2025 compared to Q1 2024.
