(PV Tech) Solar and energy storage project development platform Recurrent Energy has secured a €150 million (US$164.1 million) multicurrency facility with Santander Corporate & Investment Banking (Santander CIB) to support its transition to become an independent power producer (IPP).
According to Recurrent Energy, the facility consisted of a €30 million plus US$20 million term loan and a US$110.5 million revolving credit facility with a total duration of three years. The facility will support its transition to an IPP as well as its growth and strategy to retain greater asset ownership in select markets. The transaction was the fourth corporate facility between Recurrent Energy and Santander CIB over the past three years.
Additionally, Recurrent Energy can leverage the facility to accelerate its transition towards a develop-to-own model in its core markets in North America and Europe.
