Canadian Solar’s Recurrent secures €110 million multicurrency facility

By Marisa Wong

Los Angeles, April 3 – Canadian Solar Inc. subsidiary Recurrent Energy has secured an up to €110 million multicurrency facility from a group of international banks led by Investec Bank plc, according to a press release.

The facility consists of a €55 million term loan and a €55 million revolving credit facility with a total duration of three years.

The company said the funding will support execution of its global solar PV and energy storage project pipeline, as it transitions to become an independent power producer and accelerates its growth strategy. As of Jan. 31, Recurrent Energy had 27 GWp of solar PV project pipeline and 55 GWh of energy storage pipeline.

Based in Austin, Tex., Recurrent is a utility-scale solar and energy storage project development, ownership and operations company.

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