GUELPH, ON, April 3, 2024 /PRNewswire/ -- Recurrent Energy, a
subsidiary of Canadian Solar Inc. ("Canadian Solar") (NASDAQ: CSIQ)
and a global developer and owner of solar and energy storage
assets, today announced that it has secured a multi-currency
facility of up to €110 million ($120
million) from a group of international banks led by Investec
Bank Plc.
The facility consists of a €55 million term loan and a €55
million revolving credit facility with a total duration of three
years. The funding will support Recurrent Energy in the execution
of its global solar PV and energy storage project pipeline, as it
transitions to become an independent power producer (IPP) and
accelerates its growth strategy. As of January 31, 2024, Recurrent Energy had 27 GWp of
solar PV project pipeline and 55 GWh of energy storage
pipeline.
Ismael Guerrero, CEO of
Recurrent Energy, said, "This facility marks a significant
step towards our goal of establishing a leading global platform for
clean, reliable, and affordable energy solutions. We appreciate the
support and trust of Investec and its partners and anticipate a
mutually beneficial long-term relationship."
Antonio Cravo, Investec Energy
and Infrastructure Finance UK, added, "Leveraging
our deep expertise in the sector, we successfully delivered a
tailored financing solution that will enable Recurrent Energy to
achieve its strategic ambitions and continue its transition to an
IPP model. We are delighted to partner with Recurrent Energy on
this important transaction – reflecting Investec's commitment to
making a positive contribution to people and planet."
About Investec
Investec Bank Plc ('Investec Bank' or 'IBP') is the UK banking
subsidiary of Investec, the international financial services group.
Investec Bank partners with private, institutional, and corporate
clients, offering banking and investment services in the UK,
Europe, and certain other
countries.
Investec Bank also offers wealth management services through its
strategic partnership with Rathbones Group, the UK's largest
discretionary wealth manager. Investec Bank has operated in the UK
since 1992.
As part of the Investec Group, Investec Bank is a purpose-driven
organisation, dedicated to its core purpose of creating enduring
worth. This means we will always strive to create long-term value
for all stakeholders and contribute meaningfully to people,
communities and the planet.
It is the principal operating business of Investec Bank plc, a
FTSE-250 listed company which holds the Investec Group's
non-Southern African businesses under a dual listed company
structure.
Further information can be found at www.investec.com.
About Recurrent Energy
Recurrent Energy is one of the world's largest and most
geographically diversified utility-scale solar and battery energy
storage project development, ownership, and operations platforms.
With an industry-leading team of in-house energy experts, Recurrent
Energy is a wholly-owned subsidiary of Canadian Solar Inc. and
functions as Canadian Solar's global development and
power services business. Additional details are available
at http://www.recurrentenergy.com/.
About Canadian Solar Inc.
Canadian Solar was founded in 2001 in Canada and
is one of the world's largest solar technology and renewable energy
companies. It is a leading manufacturer of solar photovoltaic
modules, provider of solar energy and battery energy storage
solutions, and developer of utility-scale solar power and battery
energy storage projects with a geographically diversified pipeline
in various stages of development. Over the past 22
years, Canadian Solar has successfully delivered over 118
GW of premium-quality, solar photovoltaic modules to customers
across the world. Likewise, since entering the project development
business in 2010, Canadian Solar has developed, built,
and connected around 10 GWp of solar power projects and 3.3 GWh of
battery energy storage projects across the world. Currently, the
Company has approximately 1 GWp of solar power projects in
operation, 7.4 GWp of projects under construction or in backlog
(late-stage), and an additional 19.9 GWp of projects in
advanced and early-stage pipeline. In addition, the Company has 600
MWh of battery energy storage projects in operation and a total
battery energy storage project development pipeline of
approximately 55 GWh, including approximately 3.5 GWh under
construction or in backlog, and an additional 51 GWh at advanced
and early-stage development. Canadian Solar is one of the
most bankable companies in the solar and renewable energy industry,
having been publicly listed on the NASDAQ since 2006. For
additional information about the Company, follow Canadian
Solar on LinkedIn or
visit www.canadiansolar.com.
Safe Harbor/Forward-Looking Statements
Certain statements in this press release are forward-looking
statements that involve a number of risks and uncertainties that
could cause actual results to differ materially. These statements
are made under the "Safe Harbor" provisions of the U.S. Private
Securities Litigation Reform Act of 1995. In some cases, you can
identify forward-looking statements by such terms as "believes,"
"expects," "anticipates," "intends," "estimates," the negative of
these terms, or other comparable terminology. Factors that could
cause actual results to differ include general business, regulatory
and economic conditions and the state of the solar and battery
storage market and industry; geopolitical tensions and conflicts,
including impasses, sanctions and export controls; volatility,
uncertainty, delays and disruptions related to the COVID-19
pandemic; supply chain disruptions; governmental support for the
deployment of solar power; future available supplies of high-purity
silicon; demand for end-use products by consumers and inventory
levels of such products in the supply chain; changes in demand from
significant customers; changes in demand from major markets, such
as Japan, the U.S., China, Brazil
and Europe; changes in effective
tax rates; changes in customer order patterns; changes in product
mix; changes in corporate responsibility, especially environmental,
social and governance ("ESG") requirements; capacity utilization;
level of competition; pricing pressure and declines in or failure
to timely adjust average selling prices; delays in new product
introduction; delays in utility-scale project approval process;
delays in utility-scale project construction; delays in the
completion of project sales; continued success in technological
innovations and delivery of products with the features that
customers demand; shortage in supply of materials or capacity
requirements; availability of financing; exchange and inflation
rate fluctuations; litigation and other risks as described in the
Company's filings with the Securities and Exchange Commission,
including its annual report on Form 20-F filed on April 18, 2023. Although the Company believes
that the expectations reflected in the forward-looking statements
are reasonable, it cannot guarantee future results, level of
activity, performance, or achievements. Investors should not place
undue reliance on these forward-looking statements. All information
provided in this press release is as of today's date, unless
otherwise stated, and Canadian Solar undertakes no duty to update
such information, except as required under applicable law.
Canadian Solar Inc. Investor Relations Contact
Wina Huang
Investor Relations
Canadian Solar Inc.
investor@canadiansolar.com
Recurrent Energy Media Inquiries
Inés Arrimadas
Recurrent Energy
ines.arrimadas@recurrentenergy.com
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SOURCE Canadian Solar Inc.