Recurrent Energy, a subsidiary of Canadian Solar and a major player in global energy infrastructure development, has just closed a €61.5 million non-recourse financing to support its solar operation in Italy.
Funding for Recurrent Energy services
The operation has been backed by Banco Santander, which is providing the total non-recourse loan, a modality that limits the financial risk on the parent company. The financed portfolio comprises 124 MW of operational solar power, but the agreement includes the construction of a battery energy storage system(BESS), which provides additional flexibility to the infrastructure.
The integration of the BESS system system at the same location is an advance in the management of intermittent generation and the ability to adapt to grid requirements. Such an integrated structure could improve project revenues through a more efficient response to demand and electricity market prices.
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 generate value and reinforce our strategy as an independent power producer (IPP).
Ismael Guerrero, CEO of Recurrent Energy.
The funding secured fits with Recurrent Energy and Canadian Solar’ s commitment to advancing the energy transition through renewable solutions, smart storage and long-term sustainable models. With 27 GWp of solar and 76 GWh of storage under development globally, the group continues to expand its international footprint with high-impact projects.
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Source and photo: Recurrent Energy
