Recurrent Energy, a solar project developer and a wholly owned subsidiary of Canadian Solar secured a multi-currency revolving credit facility valued at up to €1.3 billion (~$1.4 billion) with ten banks. Recurrent Energy and the participating financial institutions signed the agreement in Seville, Spain.

The company will use the funding to develop solar and energy storage projects in European countries including Spain, Italy, the United Kingdom, the Netherlands, France, and Germany.

Banco Santander CIB served as the Global Coordinator and Sole Bookrunner for this agreement, collaborating with several other financial institutions. ING acted as the Sole Issuing Bank and Sole Sustainability Coordinator, overseeing compliance with Environmental, Social, and Governance (ESG) criteria for green financing. ABN AMRO, BBVA, Banco Sabadell, Rabobank, HSBC, Intesa Sanpaolo, Natwest, and NORD/LB also participated.

The facility will be available for three years with optional extensions. It is initially sized at €674 million (~$730 million but includes a potential upsizing of approximately €1.3 billion (~$1.4 billion). As per the agreement, finance is available for both full merchant and contracted projects and allows credit to be received in euros and British pounds as well.

Initially, the facility will be used to complete the construction of nearly 1 GW of solar projects, allocated mainly in Spain and the United Kingdom. With its financial partners’ backing, the company will also execute a project pipeline of 26 GW of solar and 56 GWh of battery energy storage globally.

According to Mercom’s Q1 2024 Solar Funding and M&A report, announced debt financing for the solar sector in Q1 2024 totaled $6.2 billion in 22 deals, a 59% increase YoY compared to Q1 2023 when $3.9 billion was raised in 17 deals.

Origin Energy, a vertically integrated renewable energy platform and solar project developer, recently secured a $300 million corporate credit facility from global investment firm KKR. Proceeds from the facility will be used to support the continued development and construction of Origis’ pipeline of solar and storage projects.