(RTTNews) - Recurrent Energy, a subsidiary of Canadian Solar Inc. (CSIQ), announced Thursday that it has secured a multi-currency revolving credit facility valued at up to 1.3 billion euros with ten banks for the construction of renewable energy projects in several European countries. This facility will empower Recurrent Energy to continue to develop and construct solar and battery energy storage projects across Spain, Italy, the U.K., the Netherlands, France, and Germany.
Initially, the facility will support the near-term construction of close to 1 GW of solar capacity, with the vast majority allocated to Spain and the remainder to the U.K.
This green facility will be available for three years with optional extensions. It is initially sized at 674 million euros, but includes potential upsizing to approximately 1.3 billion euros.
The agreement includes financing for both full merchant and contracted projects and allows credit to be received in both euros and British pounds.
With the backing of its financial partners, Recurrent Energy continues to lead the energy transition, executing on a project development pipeline of 26 GWp of solar and 56 GWh of battery energy storage worldwide.
