Recurrent Energy, a subsidiary of Canadian Solar, has announced the successful financial close on a €50m loan from the European Investment Bank (EIB).
The facility will support the development and construction of a solar energy portfolio in Italy.
The loan, a 5-year term facility, aligns with the EIB’s lending priorities on Renewable Energy, Climate Action, and Social and Economic Cohesion.
This transaction strengthens Recurrent Energy’s leadership 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, the developer said.
Ismael Guerrero, chief executive of Recurrent Energy, said: “We are excited to extend our banking relationship with such an entity as the EIB.
“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.
It has recently inaugurated its 51MW solar PV project Anguillara located in Marsala, Sicily, Italy, making the country a reference point for its projects in the rest of Europe.
Recurrent Energy currently has a pipeline in EMEA that includes 10.3GWp in Solar PV and 32.8GWh in battery energy storage.