Texan firm borrows €1.3bn to build solar schemes in Europe - Global Construction Review
Texan firm borrows €1.3bn to build solar schemes in Europe - Global Construction Review
Texan solar energy company Recurrent Energy has secured€1.3bn in finance for a programme of solar and battery schemes in Europe.
The company, a subsidiary of Ontario-based Canadian Solar, signed the agreement with 10 banks in Seville on Thursday.
The lead financer was Banco Santander. The first tranche of the credit facility is for €674m, which can be increased to €1.3bn later.
Initially, the facility will support the construction of close to 1GW of solar capacity, with the “vast majority” allocated to Spain and the remainder to the United Kingdom.
Later schemes will be developed in Italy, the Netherlands, France and Germany.
Ismael Guerrero, the chief executive of Recurrent, said the agreement solidified Recurrent’s growth strategy.
Last year, Recurrent announced it secured a €150m facility with Santander.
It has a project pipeline of 26GW of solar and 56GWh of battery energy storage energy worldwide.
- Subscribe here to get stories about construction around the world in your inbox three times a week.
Further reading:
Related Knowledge Center: ENERGY BASICS: solar
Declining costs and government encouragement have resulted in a rapid increase in solar energy production in the United States over the past 10 years, although solar’s share remains small: 1.6 percent of all electricity generation in 2018. That rapid growth is projected to continue.