Recurrent Energy Secures $415 Million Corporate Debt Financing

Recurrent Energy, a subsidiary of Canadian Solar Inc. ("Canadian Solar") and a leading global developer, owner, and operator of solar and energy storage assets, announced that it has secured a multi-currency credit facility valued at up to US$415 million, backed by a consortium of four major banks.

This corporate facility offers a flexible and scalable financing solution aligned with Recurrent Energy's strategy to expand its independent power producer (IPP) portfolio across diverse geographies and markets.

Initially sized at US$415 million, the facility includes an accordion feature, which allows for potential upsizing, and offers disbursements in USD, EUR, GBP, and AUD. This structure strengthens Recurrent Energy's financial agility, enabling it to pursue strategic opportunities and accelerate the deployment of clean energy projects worldwide.

The closing of this credit facility marks a milestone in Recurrent Energy's evolution as a fully integrated IPP, reinforcing the company's long-term commitment to sustainable development and clean energy leadership in the global market. While Recurrent Energy continues to expand its IPP strategy, the company remains committed to the develop-and-sell model in selected markets where it continues to create strong value.

Banco Santander acted as Global Financial Advisor. The consortium of lenders includes Banco Santander, Rabobank, Intesa Sanpaolo, and Morgan Stanley.

Ismael Guerrero, CEO of Recurrent Energy, said, "This agreement marks an important step in solidifying Recurrent Energy's growth strategy and supporting our transformation into one of the world's foremost independent producers and developers of renewable energy. We are deeply grateful to our financial partners for their unwavering support and confidence in our vision. Together, we are not only shaping the future of energy—we are delivering clean, reliable, and affordable power around the world, today and for generations to come."