Canadian Solar unit secures up to $1.4 bln financing for European renewable energy business

Reuters05-23

May 23 (Reuters) - Recurrent Energy, a unit of solar technology firm Canadian Solar , said on Thursday it has secured multi-currency revolving credit facility of up to 1.3 billion euros ($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 euros but includes potential upsizing to about 1.3 billion euros.

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.

($1 = 0.9223 euros)

(Reporting by Arunima Kumar in Bengaluru; Editing by Krishna Chandra Eluri)

((Arunima.Kumar@thomsonreuters.com; Twitter:

;))

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