Recurrent Energy Secures $71M for Italian Solar Portfolio

• Recurrent Energy secures EUR 61.5M from Santander to boost Italy's solar and storage projects, fueling Europe's renewable energy growth.

Recurrent Energy LLC, a subsidiary of Canadian Solar Inc, has secured a EUR 61.5 million (USD 71.2 million) debt financing agreement with Santander to support a 124-MW portfolio of solar and energy storage assets in Italy. This financing will aid in the development and expansion of utility-scale solar projects, enhancing renewable energy infrastructure in the region.

The portfolio, managed by Recurrent Energy, underscores the company's commitment to advancing clean energy solutions and expanding its footprint in the European market. The deal with Santander highlights the growing investment interest in sustainable energy projects and the potential for significant growth in Italy's renewable energy sector.

How will Recurrent Energy's financing impact Italy's renewable energy infrastructure?

• The financing will accelerate the development of utility-scale solar projects, increasing Italy's solar energy capacity.
• It will support the integration of energy storage solutions, enhancing grid stability and reliability.
• The investment will create jobs in the renewable energy sector, contributing to local economic growth.
• It will help Italy meet its renewable energy targets and reduce reliance on fossil fuels.
• The project will attract further investments in Italy's renewable energy market, fostering innovation and competition.
• It will enhance Italy's energy independence and security by diversifying energy sources.
• The financing will promote technological advancements in solar and storage technologies within the region.
• It will contribute to reducing carbon emissions, supporting Italy's climate change mitigation efforts.