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
GUELPH,
ON, May 23, 2024 /PRNewswire/
-- Recurrent Energy, a subsidiary of Canadian Solar
Inc. ("Canadian Solar") (NASDAQ: CSIQ) and a global developer
and owner of solar and energy storage assets, today announced that
it has secured a landmark multi-currency revolving credit facility
valued at up to €1.3 billion with ten banks for the construction of
renewable energy projects in several European countries. Recurrent
Energy and the participating financial institutions signed the
agreement in Seville, Spain.
This facility will empower Recurrent Energy to continue to
develop and construct solar and battery energy storage projects
across Spain, Italy, the United
Kingdom, the Netherlands,
France, and Germany. Initially, the facility will support
the near-term construction of close to 1 GW of solar capacity, with
the vast majority allocated to Spain and the remainder to the United Kingdom.
This green facility will be available for three years with
optional extensions. It is initially sized at €674 million but
includes potential upsizing to approximately €1.3 billion. The
agreement includes financing for both full merchant and contracted
projects and allows credit to be received in both euros and British
pounds.
This financing represents a significant milestone for Recurrent
Energy, underscoring its commitment to sustainable development and
growth in the European market. With the backing of its financial
partners, Recurrent Energy continues to lead the energy transition,
executing on a project development pipeline of 26 GWp of solar and
56 GWh of battery energy storage worldwide.
Banco Santander CIB served as the Global Coordinator and Sole
Bookrunner for this agreement, collaborating with several leading
financial institutions. ING acted as the Sole Issuing Bank and Sole
Sustainability Coordinator, overseeing compliance with
Environmental, Social, and Governance (ESG) criteria for green
financing. In addition to these two entities, the facility includes
ABN AMRO, BBVA, Banco Sabadell,
Rabobank, HSBC, Intesa Sanpaolo, Natwest, and NORD/LB.
Clifford Chance provided legal
counsel to Recurrent Energy, while Watson Farley & Williams
represented the lenders. Bondholders SL acted as the Facility and
Security Agent.
Ismael Guerrero, CEO of
Recurrent Energy, said, "This agreement solidifies Recurrent
Energy's growth strategy and our transformation into one of the
world's leading independent renewable energy producers and
developers. We thank all our financial partners for their support
and trust in our company. Together, we are delivering clean,
reliable, and affordable power to the world, today and
tomorrow."
***
About Recurrent Energy
Recurrent Energy is one of the world's largest and most
geographically diversified utility-scale solar and energy storage
project development, ownership and operations platforms, with an
industry-leading team of in-house energy experts. Recurrent Energy
is a subsidiary of Canadian Solar Inc. Additional details are
available at www.recurrentenergy.com.
About Canadian Solar Inc.
Canadian Solar was founded in 2001 in Canada and is one of the world's largest solar
technology and renewable energy companies. It is a leading
manufacturer of solar photovoltaic modules, provider of solar
energy and battery energy storage solutions, and developer of
utility-scale solar power and battery energy storage projects with
a geographically diversified pipeline in various stages of
development. Over the past 23 years, Canadian Solar has
successfully delivered over 125 GW of premium-quality, solar
photovoltaic modules to customers across the world. Likewise, since
entering the project development business in 2010, Canadian Solar
has developed, built, and connected over 10 GWp of solar power
projects and 3.3 GWh of battery energy storage projects across the
world. Currently, the Company has over 1.2 GWp of solar power
projects in operation, 6.5 GWp of projects under construction or in
backlog (late-stage), and an additional 19.8 GWp of projects in
advanced and early-stage pipeline. In addition, the Company has 600
MWh of battery energy storage projects in operation and a total
battery energy storage project development pipeline of around 56
GWh, including approximately 4.3 GWh under construction or in
backlog, and an additional 51.6 GWh at advanced and early-stage
development. Canadian Solar is one of the most bankable companies
in the solar and renewable energy industry, having been publicly
listed on the NASDAQ since 2006. For additional information
about the Company, follow Canadian Solar on LinkedIn or
visit www.canadiansolar.com.
Safe Harbor/Forward-Looking Statements
Certain statements in this press release are forward-looking
statements that involve a number of risks and uncertainties that
could cause actual results to differ materially. These statements
are made under the "Safe Harbor" provisions of the U.S. Private
Securities Litigation Reform Act of 1995. In some cases, you can
identify forward-looking statements by such terms as "believes,"
"expects," "anticipates," "intends," "estimates," the negative of
these terms, or other comparable terminology. Factors that could
cause actual results to differ include general business, regulatory
and economic conditions and the state of the solar and battery
storage market and industry; geopolitical tensions and conflicts,
including impasses, sanctions and export controls; volatility,
uncertainty, delays and disruptions related to the COVID-19
pandemic; supply chain disruptions; governmental support for the
deployment of solar power; future available supplies of high-purity
silicon; demand for end-use products by consumers and inventory
levels of such products in the supply chain; changes in demand from
significant customers; changes in demand from major markets, such
as Japan, the U.S., China, Brazil
and Europe; changes in effective
tax rates; changes in customer order patterns; changes in product
mix; changes in corporate responsibility, especially environmental,
social and governance ("ESG") requirements; capacity utilization;
level of competition; pricing pressure and declines in or failure
to timely adjust average selling prices; delays in new product
introduction; delays in utility-scale project approval process;
delays in utility-scale project construction; delays in the
completion of project sales; continued success in technological
innovations and delivery of products with the features that
customers demand; shortage in supply of materials or capacity
requirements; availability of financing; exchange and inflation
rate fluctuations; litigation and other risks as described in
Canadian Solar's filings with the Securities and Exchange
Commission, including its annual report on Form 20-F filed on
April 26, 2024. Although Canadian
Solar and Recurrent Energy believe that the expectations reflected
in the forward-looking statements are reasonable, it cannot
guarantee future results, level of activity, performance, or
achievements. Investors should not place undue reliance on these
forward-looking statements. All information provided in this press
release is as of today's date, unless otherwise stated, and
Canadian Solar and Recurrent Energy undertake no duty to update
such information, except as required under applicable law.
Canadian Solar Inc. Investor Relations Contact
Wina Huang
Investor Relations
Canadian Solar Inc.
investor@canadiansolar.com
Recurrent Energy Media Contact
Inés Arrimadas
Recurrent Energy
ines.arrimadas@recurrentenergy.com
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SOURCE Canadian Solar Inc.