Recurrent Energy, a subsidiary of Canadian Solar Inc. announces the successful financial closing of a 50 million euro loan from the European Investment Bank (EIB). This financing, to support the development and construction of a solar energy portfolio in Italy, aligns with the EIB’s priorities in renewable energy, climate action and social and economic cohesion. The company, which has been active in Italy since 2017, recently inaugurated a 51 MW photovoltaic project in Anguillara, Sicily, strengthening its presence in the country.
Impact on the energy transition
This five-year loan reinforces Recurrent Energy’s leadership in Italy’s clean energy transition, increasing the country’s renewable energy capacity and supporting European targets for emissions reduction and energy independence.
EIB financing is crucial to achieving Europe’s climate objectives and strengthening the region’s energy resilience.
Ismael Guerrero, CEO of Recurrent Energy, underlines the importance of this transaction, saying: “We are delighted to strengthen our banking relationship with the EIB. This transaction is a crucial step towards our goal of becoming one of the world’s largest independent power producers.”
Portfolio and achievements
Recurrent Energy currently has a pipeline of 10.3 GWp of solar PV projects and 32.8 GWh of battery energy storage in the EMEA region.
The company has delivered over 125 GW of high-quality solar PV modules to customers worldwide.
Since entering the project development business in 2010, it has developed, built and connected over 10 GW of solar projects and 3.3 GWh of battery energy storage projects.
Currently, Recurrent Energy has over 1.2 GW of solar projects in operation and a pipeline of 19.8 GW of advanced and early-stage projects.
Commitment to a sustainable economy
The EIB’s financial support enables Recurrent Energy to strengthen its position as a leader in the clean energy sector, while making a significant contribution to Europe’s climate objectives.
The company’s commitment to a sustainable economy is evident in its initiatives and achievements in the field of renewable energies.
Recurrent Energy continues to play a crucial role in the global energy transition, with ongoing projects and strong pipelines.
The partnership between Recurrent Energy and the EIB marks a turning point in the development of renewable energies in Italy.
Thanks to this financial support, the company is well positioned to increase its renewable energy capacity and support Europe’s climate and energy objectives.
Recurrent Energy is committed to continuing its efforts to become one of the largest independent power producers, while promoting a more sustainable economy in Europe and beyond.
