The Chinese project developer Recurrent Energy has announced that it will receive new loans in several currencies totalling up to 1.3 billion euros from a total of ten banks for the construction of green energy projects in several European countries.
The contract with the participating financial institutions was signed in Seville (Spain). Initially, the financing will support the short-term construction of almost one gigawatt of solar projects, with the majority in Spain and the rest in the UK.
26 gigawatts of solar and 56 gigawatt hours of electricity buffer
This financing has a term of three years and can therefore be optionally extended. The initial volume is 674 million euros, but can be increased to around 1.3 billion euros. The agreement includes financing for both fully developed and early-stage projects. It allows loans to be taken out in both euros and pounds sterling.
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The financing is intended to implement a project pipeline of 26 gigawatts of solar power plants and 56 gigawatt hours of battery storage worldwide.
Banco Santander as coordinator
Banco Santander CIB acted as the global coordinator for this agreement and worked with several leading financial institutions. ING acted as the sole issuing bank and sustainability coordinator, monitoring compliance with the ESG criteria for green financing.
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In addition to these two institutions, ABN AMRO, BBVA, Banco Sabadell, Rabobank, HSBC, Intesa Sanpaolo, Natwest and NORD/LB are also involved in the financing. (nhp/mfo)
