Recurrent Energy, a subsidiary of Canadian Solar, has secured a multi-currency revolving credit facility worth up to €1.3 billion (£1.1 billion) to finance new solar projects in several countries, including the UK.
This funding will initially support the development of up to 1GW of solar capacity in the UK and Spain. Recurrent Energy currently has a project development pipeline of 26 GW of solar and 56 GWh of battery energy storage worldwide.
The finance package has been agreed with ten major banks and was initially set at €674 million, with the potential to upsize to €1.3 billion (£1.1 billion). Credit will be available in both euros and British pounds.
Ismael Guerrero, CEO of Recurrent Energy, said, “This agreement solidifies Recurrent Energy’s growth strategy and our transformation into one of the world’s leading independent renewable energy producers and developers. We thank all our financial partners for their support and trust in our company. Together, we are delivering clean, reliable, and affordable power to the world, today and tomorrow.”
Looking up for Recurrent
This new finance package provides some welcome good news for Recurrent Energy, which recently faced a significant blow after the UK government delayed development permission for a major solar project.
The deadline for approval for the Mallard Pass Solar Farm, which Recurrent Energy and Windel Energy are proposing, has been delayed from 16 May 2024 to 13 June 2024. Speaking to Parliament, Secretary of State for Energy Security and Net Zero Claire Coutinho said the decision had been delayed “to ensure there is sufficient time for the Department to consider the application”.
If Mallard Pass Solar Farm receives development approval, it will have a generation capacity of around 350MW, which classifies it as a Nationally Significant Infrastructure Project (NSIP).
