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Recurrent Energy, a subsidiary of Canadian Solar Inc, is one of the world’s largest developers of utility-scale solar and energy storage projects. Aiming to bring low-cost clean energy and meaningful development to communities around the world, the company has already built 10GW of operating solar assets and more than 3GW hours of energy storage projects across six continents.

With renewable energy becoming a larger part of the resource mix, Recurrent is focused on delivering more capacity. It currently has a pipeline of 26GW in solar and 56GW in battery storage under development, including projects in the EMEA region (mainly in Spain, Italy, the United Kingdom, the Netherlands, France and Germany) with a capacity of 9.9GW.  

New credit facility offers Recurrent Energy operational flexibility to deliver pipeline

To support the construction of solar photovoltaic (PV) and battery energy storage system (BESS) assets across Europe with a project such as this, which has a capacity of up to 2GW including potential increases, Recurrent Energy approached NatWest to discuss joining a lender group for a new non-recourse revolving credit facility. 

Based on a detailed analysis of Recurrent Energy’s projects, their funding requirements and forecast revenue streams, NatWest agreed to provide €48.2 million as part of a of €674million financing package, which potentially could be expanded up to €1.3bn from a nine banks consortium.

The new facility, which was tailored to accommodate the specific nature of the projects whilst providing operational flexibility to execute the pipeline across the range of assets and contract types, includes a €555 million Revolving Credit Facility, a €88 million Letter of Credit, a €8 million VAT facility, and a €23 million Debt Service Reserve Facility (DSRF).

NatWest committed to support Europe’s renewable energy expansion

Javier Cano, Head of Project & Structured Finance EMEA & APAC, Recurrent Energy, commented: “We are very pleased to have secured this financing package for our solar projects, helping to deliver clean energy across Europe.  We thank the NatWest team and all our other lenders for their excellent guidance and support.”

Lennart Piro, Director, NatWest Project Finance & Infrastructure Finance, said: We’re delighted to have the opportunity to support Recurrent Energy with this credit facility which highlights our standing as a leading institution for complex, cross-border renewables finance transactions, as well as our commitment to actively help build a greener economy by providing £100 billion Climate and Sustainable Funding and Financing to our customers by the end of 2025.”  

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