Recurrent Energy Secures €50 Million Loan from European Investment Bank for Clean Energy Projects in Italy
Strengthening Italy’s Renewable Energy Capacity
The European Investment Bank (EIB) has successfully closed a €50 million loan to Recurrent Energy, a Canadian Solar subsidiary. This five-year loan facility will support Recurrent Energy’s portfolio development and construction of solar energy projects in Italy.
Aligning with EIB’s Lending Priorities
The EIB’s loan to Recurrent Energy aligns with the bank’s lending priorities, which focus on social and economic cohesion, climate action, and renewable energy. This transaction bolsters Recurrent Energy’s position as a leader in Italy’s clean energy transition, helping to increase the nation’s renewable energy capacity and advance Europe’s objectives for lower emissions and greater energy independence.
Expanding Recurrent Energy’s Footprint in Italy
Recurrent Energy has been growing its presence in Italy since 2017. The company’s recent opening of a 51 MW solar PV project, Anguillara, in Marsala, Sicily, has established Italy as a model for its projects across Europe. Currently, Recurrent Energy has 32.8GWh of battery energy storage and 10.3GWp of solar PV installed in the EMEA region.
Strengthening the Partnership with EIB
Recurrent Energy‘s CEO, Ismael Guerrero, expressed excitement about extending the company’s banking relationship with the EIB, stating that this transaction is a crucial step towards their goal of becoming one of the largest Independent Power Producers (IPPs) in the world. The partnership with the EIB is consistent with Recurrent Energy’s dedication to promoting a more sustainable economy in Europe and beyond, and the company anticipates establishing a long-term partnership with the EIB to further their shared goals.
