Recurrent Energy: 61.5 million from Banco Santander for the Italian portfolio

Recurrent Energy , a subsidiary of Canadian Solar Inc. , active worldwide in the development and operation of solar and battery energy storage projects, announced the closing of a non-recourse financing transaction of €61.5 million from Santander Bank .

The transaction involves the financing of a 124 MW operating portfolio, held through a Real Estate Alternative Investment Fund (REIF), of which Recurrent Energy holds a majority stake, and also includes the construction of a Battery Energy Storage System (BESS); representing a key structural innovation and a strategic asset for grid support and revenue optimization.

“This transaction is a key milestone for Recurrent Energy’s European strategy,” said Ismael Guerrero , CEO of Recurrent Energy. “The closing of this non-recourse financing, with the simultaneous integration of a storage asset into the structure, demonstrates our ability to execute complex transactions that create value and strengthen our IPP strategy.”

This transaction is in line with the commitment to accelerate the energy transition in Italy and across Europe through innovative financing, flexible network assets and long-term sustainable development.