Texan firm borrows €1.3bn to build solar schemes in Europe

One of Recurrent’s larger solar schemes is Crimson Storage in California (Recurrent Energy)
Texan solar energy company Recurrent Energy has secured €1.3bn in finance for a programme of solar and battery schemes in Europe.

The company, a subsidiary of Ontario-based Canadian Solar, signed the agreement with 10 banks in Seville on Thursday.

The lead financer was Banco Santander. The first tranche of the credit facility is for €674m, which can be increased to €1.3bn later. 

Initially, the facility will support the construction of close to 1GW of solar capacity, with the “vast majority” allocated to Spain and the remainder to the United Kingdom.

Later schemes will be developed in Italy, the Netherlands, France and Germany.

Ismael Guerrero, the chief executive of Recurrent, said the agreement solidified Recurrent’s growth strategy.

Last year, Recurrent announced it secured a €150m facility with Santander.

It has a project pipeline of 26GW of solar and 56GWh of battery energy storage energy worldwide.

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