Recurrent Energy, a subsidiary of Canadian Solar, has achieved financial close on a €50 million loan from the European Investment Bank (EIB). The loan will facilitate the development and construction of a solar energy portfolio in Italy.
The five-year term loan aligns with the EIB's priorities on renewable energy, climate action, and social and economic cohesion. This transaction reinforces Recurrent Energy's role in Italy's clean energy transition, enhancing the country's renewable energy capacity and supporting Europe's goals for reduced emissions and increased energy independence, according to the developer.
Ismael Guerrero, Chief Executive of Recurrent Energy, remarked, “This transaction is a pivotal step toward our goal of becoming one of the largest Independent Power Producers (IPPs) globally. It aligns with our commitment to fostering a more sustainable economy in Europe and beyond. We look forward to building a long-term relationship with the EIB to support our mutual objectives.”
Recurrent Energy has been expanding its presence in Italy since 2017. Recently, the company inaugurated its 51MW solar PV project in Anguillara, Marsala, Sicily, marking Italy as a key reference point for its projects across Europe.
Currently, Recurrent Energy has a pipeline in the EMEA region that includes 10.3GWp in solar PV and 32.8GWh in battery energy storage.
