Recurrent Energy inks EUR-50m loan with EIB to build solar in Italy

Global solar and storage developer-operator Recurrent Energy has closed on a EUR-50-million (USD 54.2m) loan with the European Investment Bank (EIB) to secure funds for the development and construction of a solar portfolio in Italy.

The loan is a five-year term facility and “is a pivotal step toward our goal of becoming one of the largest Independent Power Producers (IPPs) globally,” Ismael Guerrero, CEO of Recurrent Energy, said in the company’s brief press release.

Recurrent Energy, a subsidiary of Canadian Solar Inc (NASDAQ:CSIQ), says it has been expanding its presence in Italy since 2017, and has recently inaugurated a 51-MW Anguillara solar farm in Sicily.

Two months ago, Recurrent secured a multi-currency revolving credit facility worth up to EUR 1.3 billion to bankroll solar and storage projects in several European countries, including Italy.

(EUR 1.0 = USD 1.085)

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