In a recent development, Recurrent Energy, a subsidiary of Canadian Solar, has successfully secured a substantial multi-currency revolving credit facility amounting to an impressive €1.3 billion (£1.1 billion). The primary purpose of this extensive funding is to bolster the implementation of new solar projects in various countries, including the United Kingdom.
The financial support is designated for the initial development of up to 1 gigawatt of solar capacity in the UK and Spain. Currently, Recurrent Energy boasts an extensive project development pipeline, which encompasses 26 gigawatts of solar and 56 gigawatt-hours of battery energy storage globally.
This financing arrangement, established with the participation of ten major banks, initially amounted to €674 million but has the potential to increase to as much as €1.3 billion (£1.1 billion). Notably, the credit will be available in both euros and British pounds.
Ismael Guerrero, the CEO of Recurrent Energy, expressed his satisfaction with the agreement, stating, “This agreement solidifies Recurrent Energy’s growth strategy and our transformation into one of the world’s leading independent renewable energy producers and developers. We thank all our financial partners for their support and trust in our company. Together, we are delivering clean, reliable, and affordable power to the world, today and tomorrow.”
In light of this positive development, it is worth noting that Recurrent Energy had recently faced setbacks when the UK government delayed the approval for a major solar project.
Particularly, the approval deadline for the Mallard Pass Solar Farm proposed by Recurrent Energy and Windel Energy has been extended from 16 May 2024 to 13 June 2024. Addressing Parliament, Claire Coutinho, the Secretary of State for Energy Security and Net Zero, explained that the decision to postpone the approval was made “to ensure there is sufficient time for the Department to consider the application”.
If the Mallard Pass Solar Farm is given the green light for development, it is projected to have a generation capacity of approximately 350 megawatts, thereby qualifying as a Nationally Significant Infrastructure Project (NSIP).
On another note, Solar Power Portal’s publisher Solar Media is organising the UK Solar Summit, scheduled to take place on 4-5 June 2024 in London. The event aims to delve into the new landscape for utility and rooftop solar in the UK, exploring the prospects within an annual market exceeding 1 gigawatt, among other topics. For more information, interested individuals can visit the event’s official website.