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Canadian Solar system protects approximately $1.4 bln funding for European renewable resource business

Persistent Energy, an unit of solar technology company Canadian Solar, stated on Thursday it has secured multicurrency revolving credit facility of approximately 1.3 billion euros ($ 1.41 billion) with 10 banks.

The credit center will be used for the building and construction of renewable energy projects in several European countries.

Reoccurring Energy and the participating financial institutions signed the deal in Seville, Spain.

WHY IT is essential

Rising renewable resource capacity and the deployment of electric lorries are expected to make energy storage a top priority innovation.

The revolving credit center will offer flexible funding for the building of solar and battery energy storage projects across Spain, Italy, the United Kingdom, the Netherlands, France and Germany.

CONTEXT

As renewable energy broadens throughout Europe to satisfy decarbonization objectives, battery use requires to grow to smooth out the periodic supply of renewable energy.

BY THE NUMBERS

The facility will be available for three years with optional extensions.

It is initially sized at 674 million euros but consists of prospective upsizing to about 1.3 billion euros.

KEY QUOTES

This agreement solidifies Recurrent Energy's development method and our transformation into among the world's leading independent renewable resource producers and designers, Ismael Guerrero, CEO of Recurrent Energy, stated.

(source: Reuters)