Canadian Solar Inc. (CSIQ) announced Wednesday that its unit Recurrent Energy has secured a multi-currency facility of up to 110 million euros or $120 million from a group of international banks led by Investec Bank Plc, the UK banking subsidiary of Investec Plc.
The multi-currency, green loan facility from Investec Energy and Infrastructure Finance UK consists of a 55 million euros term loan and a 55 million euros revolving credit facility with a total duration of three years.
It is expected that the funding will support Recurrent Energy in the execution of its global solar PV and energy storage project pipeline. As of January 31, 2024, Recurrent Energy had 27 GWp of solar PV project pipeline and 55 GWh of energy storage pipeline.
Ismael Guerrero, CEO of Recurrent Energy, said, "This facility marks a significant step towards our goal of establishing a leading global platform for clean, reliable, and affordable energy solutions. We appreciate the support and trust of Investec and its partners and anticipate a mutually beneficial long-term relationship."
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