Recurrent Energy to Bolster its Italian Clean Energy Portfolio with €50 Million Euro Facility from the European Investment Bank
Recurrent Energy, a subsidiary of Canadian Solar Inc. (NASDAQ: CSIQ), has secured a €50 million loan from the European Investment Bank (EIB) to support the development and construction of a solar energy portfolio in Italy. This 5-year term facility aligns with the EIB's priorities on Renewable Energy, Climate Action, and Social and Economic Cohesion.
The transaction strengthens Recurrent Energy's position in Italy's clean energy transition and supports Europe's goals for reduced emissions and increased energy independence. Recurrent Energy has been expanding its presence in Italy since 2017 and recently inaugurated a 51 MW solar PV project in Sicily. The company currently has a pipeline in EMEA that includes 10.3 GWp in Solar PV and 32.8 GWh in battery energy storage.
Recurrent Energy, una filiale di Canadian Solar Inc. (NASDAQ: CSIQ), ha ottenuto un prestito di 50 milioni di euro dalla Banca Europea per gli Investimenti (BEI) per sostenere lo sviluppo e la costruzione di un portafoglio di energia solare in Italia. Questa linea di credito di 5 anni si allinea con le priorità della BEI su energie rinnovabili, azione climatica e coesione sociale ed economica.
L'operazione rafforza la posizione di Recurrent Energy nella transizione verso un'energia pulita in Italia e supporta gli obiettivi dell'Europa per la riduzione delle emissioni e l'aumento dell'indipendenza energetica. Recurrent Energy è attiva in Italia dal 2017 e ha recentemente inaugurato un progetto fotovoltaico da 51 MW in Sicilia. Attualmente, l'azienda ha un portafoglio nella regione EMEA che include 10,3 GWp in fotovoltaico e 32,8 GWh in accumulo energetico tramite batterie.
Recurrent Energy, una filial de Canadian Solar Inc. (NASDAQ: CSIQ), ha logrado un préstamo de 50 millones de euros del Banco Europeo de Inversiones (BEI) para apoyar el desarrollo y la construcción de un portafolio de energía solar en Italia. Esta línea de crédito a 5 años se alinea con las prioridades del BEI en energías renovables, acción climática y cohesión social y económica.
La transacción fortalece la posición de Recurrent Energy en la transición hacia la energía limpia en Italia y apoya los objetivos de Europa de reducción de emisiones y aumento de la independencia energética. Recurrent Energy ha estado expandiendo su presencia en Italia desde 2017 y recientemente inauguró un proyecto solar fotovoltaico de 51 MW en Sicilia. Actualmente, la empresa tiene un pipeline en la región EMEA que incluye 10,3 GWp en fotovoltaica y 32,8 GWh en almacenamiento de energía en baterías.
Recurrent Energy는 캐나다 태양광 주식회사 (NASDAQ: CSIQ)의 자회사로, 5천만 유로의 대출을 유럽 투자 은행 (EIB)에서 확보하여 이탈리아에서 태양 에너지 포트폴리오의 개발 및 건설을 지원합니다. 이 5년 만기 금융 지원은 재생 가능 에너지, 기후 행동 및 사회 경제적 응집력에 대한 EIB의 우선 사항과 일치합니다.
이번 거래는 이탈리아의 청정 에너지 전환에서 Recurrent Energy의 입지를 강화하고, 유럽의 배출 감소 및 에너지 독립성 증대 목표를 지원합니다. Recurrent Energy는 2017년부터 이탈리아에서 활동을 확대해왔으며, 최근 시칠리아에 51MW 태양광 발전 프로젝트를 개설하였습니다. 현재 이 회사는 EMEA 지역에서 10.3GWp의 태양광과 32.8GWh의 배터리 에너지 저장을 포함하는 파이프라인을 보유하고 있습니다.
Recurrent Energy, une filiale de Canadian Solar Inc. (NASDAQ: CSIQ), a obtenu un prêt de 50 millions d'euros de la Banque Européenne d'Investissement (BEI) pour soutenir le développement et la construction d'un portefeuille d'énergie solaire en Italie. Ce prêt à terme de 5 ans est en adéquation avec les priorités de la BEI en matière de énergies renouvelables, d'action climatique et de cohésion sociale et économique.
Cette opération renforce la position de Recurrent Energy dans la transition énergétique propre en Italie et soutient les objectifs de l'Europe en matière de réduction des émissions et d'indépendance énergétique accrue. Recurrent Energy développe sa présence en Italie depuis 2017 et vient d'inaugurer un projet de panneaux solaires de 51 MW en Sicile. Actuellement, l'entreprise dispose d'un projet en EMEA qui inclut 10,3 GWp en énergie solaire photovoltaïque et 32,8 GWh en stockage d'énergie par batterie.
Recurrent Energy, eine Tochtergesellschaft von Canadian Solar Inc. (NASDAQ: CSIQ), hat sich ein Darlehen in Höhe von 50 Millionen Euro von der Europäischen Investitionsbank (EIB) gesichert, um die Entwicklung und den Bau eines Solarenergie-Portfolios in Italien zu unterstützen. Diese 5-Jahres-Fazilität steht im Einklang mit den Prioritäten der EIB in Bezug auf erneuerbare Energien, Klimaschutz und soziale sowie wirtschaftliche Kohäsion.
Die Transaktion stärkt die Position von Recurrent Energy im Rahmen der Energiewende in Italien und unterstützt die Ziele Europas zur Emissionsreduzierung und Erhöhung der Energieunabhängigkeit. Recurrent Energy hat seit 2017 seine Präsenz in Italien ausgebaut und kürzlich ein 51 MW Solar-PV-Projekt in Sizilien eröffnet. Das Unternehmen hat derzeit ein Portfolio in der EMEA-Region, das 10,3 GWp Photovoltaik und 32,8 GWh Batteriespeicher umfasst.
- Secured €50 million loan from European Investment Bank
- Strengthens position in Italy's clean energy transition
- Recently inaugurated 51 MW solar PV project in Sicily
- Pipeline in EMEA includes 10.3 GWp in Solar PV and 32.8 GWh in battery energy storage
- None.
Insights
The €50 million loan from the European Investment Bank (EIB) is significant for Recurrent Energy's financial health and growth strategy. By securing this facility, Recurrent Energy demonstrates strong financial backing and creditworthiness, which can improve its standing with other financial institutions and investors. The loan will enhance the company's ability to develop and construct solar projects in Italy, aligning with European sustainability goals. This financial injection can lead to increased revenue streams and accelerated project timelines, offering potential for higher returns on investment. Furthermore, the association with a reputable institution like the EIB can enhance investor confidence and potentially lead to an upward movement in Canadian Solar Inc.'s (NASDAQ: CSIQ) stock price.
This financing deal is highly impactful for the clean energy sector in Italy and Europe. With the EIB's focus on renewable energy, climate action and economic cohesion, the loan supports projects that are critical for Europe's energy transition. The development of new solar assets will contribute to Italy's renewable energy capacity and help meet the EU's ambitious emissions reduction targets. For Recurrent Energy, this loan solidifies its position as a major player in the European renewable energy market. Investors should note that this strategic move may lead to long-term stability and growth, as the company leverages the financial support to scale its operations and infrastructure. This could translate to sustained growth and improved market share in the renewable energy sector.
The technological implications of this loan are also noteworthy. Developing new solar projects and expanding battery energy storage capabilities require significant capital investment and technological advancements. The €50 million from the EIB will enable Recurrent Energy to incorporate state-of-the-art technology in their projects, enhancing efficiency and output. This not only increases the company's competitive edge but also fosters innovation within the renewable energy sector. For investors, this is a positive indicator of the company's commitment to remaining at the forefront of technological advancements, which can lead to better project performance and higher returns. The focus on battery storage is particularly important, as it addresses one of the key challenges in renewable energy—intermittency—thereby ensuring a more reliable energy supply.
The loan, a
Ismael Guerrero, CEO of Recurrent Energy, commented, "We are excited to extend our banking relationship with such an entity as the EIB. This transaction is a pivotal step toward our goal of becoming one of the largest Independent Power Producers (IPPs) globally. It aligns with our commitment to fostering a more sustainable economy in
Recurrent Energy has been expanding its presence in
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
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 Canadian Solar's filings with the Securities and Exchange Commission, including its annual report on Form 20-F filed on April 26, 2024. Although Canadian Solar and Recurrent Energy believe 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 and Recurrent Energy undertake 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
comms@recurrentenergy.com
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SOURCE Canadian Solar Inc.
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