Renewables, for Recurrent Energy 61 million financing for Italy

Recurrent Energy, controlled by Canadian Solar and BlackRock and active in the development and management of solar and battery storage projects, announces the closing of a non-recourse financing of €61.5 million by Santander Bank.

The transaction involves the financing of a 124 MW operating photovoltaic portfolio, held through a real estate alternative investment fund, of which Recurrent Energy holds the majority, and also includes the construction of an energy storage system through accumulation batteries. It will be entirely destined for Italy.

"This transaction represents a milestone for Recurrent Energy's European strategy," commented the company's CEO Ismael Guerrero: "The closing of this non-recourse financing, with the simultaneous integration of a storage asset into the structure, demonstrates our ability to execute complex transactions that create value and strengthen our strategy as an independent power producer."

This transaction is in line with Recurrent Energy's commitment to accelerate the energy transition in Italy and across Europe through innovative financing, flexible grid assets and long-term sustainable development.