Recurrent Energy, a unit of solar technology firm Canadian Solar CSIQ-Q, said on Thursday it has secured multi-currency revolving credit facility of up to €1.3-billion ($1.41-billion) with 10 banks.
The credit facility will be used for the construction of renewable energy projects in several European countries.
Recurrent Energy and the participating financial institutions signed the deal in Seville, Spain.
Why it’s important
Rising renewable energy capacity and the deployment of electric vehicles are expected to make energy storage a priority technology.
The revolving credit facility will provide flexible financing for the construction of solar and battery energy storage projects across Spain, Italy, the United Kingdom, the Netherlands, France and Germany.
Context
As renewable energy expands across Europe to meet decarbonization goals, battery usage needs to grow to smooth out the intermittent supply of renewable energy.
By the numbers
The facility will be available for three years with optional extensions.
It is initially sized at €674-million but includes potential upsizing to about €1.3-billion.
Key quotes
“This agreement solidifies Recurrent Energy’s growth strategy and our transformation into one of the world’s leading independent renewable energy producers and developers,” Ismael Guerrero, CEO of Recurrent Energy, said.