Recurrent Energy, a subsidiary of Canadian Solar, has secured a multi-currency revolving credit facility valued at up to $1.9 billion (€1.3 billion) with ten banks to fund the construction of renewable energy projects across several European countries.

The funds will enable Recurrent Energy to develop and construct solar and battery energy storage projects in Spain, Italy, the United Kingdom, the Netherlands, France, and Germany. Initially, it will support the construction of nearly 1 GW of solar capacity, with the majority allocated to Spain and the rest to the United Kingdom.

Banco Santander CIB served as the global coordinator and sole bookrunner for this agreement. ING acted as the Sole Issuing Bank and Sole Sustainability Coordinator, overseeing compliance with Environmental, Social, and Governance (ESG) criteria for green financing. The facility also includes ABN AMRO, BBVA, Banco Sabadell, Rabobank, HSBC, Intesa Sanpaolo, Natwest, and NORD/LB.

Recurrent Energy acted through its in-house legal team, led by its senior director and general counsel EMEA, Antonio Adami, with the support of legal counsel Juan Jose Adan Martin and senior legal counsel Miguel Martin Ortega.

Clifford Chance LLP served as legal counsel to Recurrent Energy with a team led by partner José Guardo, together with associates Álvaro Cabaleiro, María González and Marta Ruiz (Spanish law), as well as senior associate James Rodier and associate Emma Price (English law).

Watson Farley and Williams LLP advised the lenders with a team led by partner Rodrigo Berasategui and included senior associate Laura Fontán and associates Antón Ramil and Sara Estradera.