Recurrent Energy secures financing to build 124MW Italian PV portfolio and co-locate BESS

The €61.5 million non-recourse debt was secured from financing firm Santander Bank. This is the latest partnership between the IPP and a subsidiary of Spanish financial firm Santander, following one of its subsidiaries’ financing of a European solar and BESS portfolio last year. Banco Santander CIB, along with ING, and several other financial bodies, signed a €674 million revolving credit facility with Recurrent Energy to support a portfolio of projects across Spain, Italy, the UK, the Netherlands, France and Germany.

The Italian portfolio is held through an Italian Real Estate Investment Fund (REIF), which is majority-owned by Recurrent Energy, the renewable energy developer arm of solar manufacturer Canadian Solar.

“This is a strategic milestone for Recurrent Energy in Europe,” said Ismael Guerrero, CEO of Recurrent Energy. “By successfully closing a non-recourse structure—while integrating a storage asset into the facility—we continue to demonstrate our ability to execute complex transactions that unlock value and reinforce our IPP strategy.”

Currently, the company has an operational portfolio of 11.6GW for solar PV and 4.5GWh for BESS, globally; whereas its global pipeline consists of 27GW of solar PV and 76GWh of energy storage capacity as of the end of March 2025.