Glonghui, May 23 | Artes Solar (CSIQ.US) announced today that its subsidiary Recurrent Energy has successfully obtained an iconic multi-currency revolving credit financing of up to 1.3 billion euros. The financing was jointly provided by ten banks to build renewable energy projects in several European countries. Recurrent Energy and participating financial institutions signed the agreement in Seville, Spain.
This financing instrument will support Recurrent Energy's continued development and construction of solar and battery energy storage projects in Spain, Italy, the United Kingdom, the Netherlands, France, and Germany. Initially, the facility will support the recent construction of nearly 1 GW of solar power capacity, with the majority allocated to Spain and the rest to the UK.
This green financing instrument is valid for three years, with the option to extend it. The initial scale was €674 million, but there is potential room to expand to around €1.3 billion. The agreement includes financing fully marketable and contracted projects and allows credit to be received in Euros and Pounds.
This financing is an important milestone for Recurrent Energy and highlights its commitment to the sustainability and growth of the European market. With the support of its financial partners, Recurrent Energy is continuing to lead the energy transition by developing pipelines for 26 GW solar and 56 GW battery energy storage around the world.