KITCHENER, ON, JUNE 23, 2025 – Recurrent Energy, a subsidiary of Canadian Solar Inc. (NASDAQ: CSIQ) and a leading global developer, owner, and operator of solar and battery energy storage projects, today announced the successful financial close of a landmark transaction involving its Italian portfolio. The portfolio is held through an Italian Real Estate Investment Fund (REIF), a privately held investment vehicle majority-owned by Recurrent Energy.
The transaction secures EUR 61.5 million in non-recourse debt from Santander Bank.
In addition to financing a 124 MW operating portfolio, the transaction also covers the construction of a co-located Battery Energy Storage System (BESS), representing a key structural innovation and a strategic asset for grid support and revenue optimization.
“This is a strategic milestone for Recurrent Energy in Europe,” said Ismael Guerrero, CEO of Recurrent Energy. “By successfully closing a non-recourse structure—while integrating a storage asset into the facility—we continue to demonstrate our ability to execute complex transactions that unlock value and reinforce our IPP strategy.”
This transaction aligns with Recurrent Energy’s commitment to accelerating the energy transition in Italy and across Europe through innovative financing, grid-flexible assets, and long-term sustainable development.
About Recurrent Energy
Recurrent Energy, a subsidiary of Canadian Solar Inc., is one of the world’s largest and most geographically diversified utility-scale solar and energy storage project development, ownership, and operations platforms. With an industry-leading team of in-house energy experts, Recurrent Energy serves as Canadian Solar’s global development and power services business.
To date, Recurrent Energy has successfully developed, built, and connected approximately 11.6 GWp of solar projects and 4.5 GWh of energy storage projects across six continents. As of March 31, 2025, its global pipeline comprises 27 GWp of solar power and 76 GWh of energy storage capacity.
About Canadian Solar Inc.
Canadian Solar is one of the world’s largest solar technology and renewable energy companies. Founded in 2001 and headquartered in Kitchener, Ontario, the Company is a leading manufacturer of solar photovoltaic modules; provider of solar energy and battery energy storage solutions; and developer, owner, and operator of utility-scale solar power and battery energy storage projects. Over the past 24 years, Canadian Solar has successfully delivered nearly 157 GW of premium-quality, solar photovoltaic modules to customers across the world. Through its subsidiary e-STORAGE, Canadian Solar has shipped over 11 GWh of battery energy storage solutions to global markets as of March 31, 2025, boasting a $3.2 billion contracted backlog as of March 31, 2025. Since entering the project development business in 2010, Canadian Solar has developed, built, and connected approximately 11.6 GWp of solar power projects and 4.5 GWh of battery energy storage projects globally. Its geographically diversified project development pipeline includes 27 GWp of solar and 76 GWh of battery energy storage capacity in various stages of development. Canadian Solar is one of the most bankable companies in the solar and renewable energy industry, having been publicly listed on the NASDAQ since 2006. For additional information about the Company, follow Canadian Solar on LinkedIn or visit www.canadiansolar.com.
Safe Harbor/Forward-Looking Statements:
Certain statements in this press release, including those regarding the Company’s expected future shipment volumes, revenues, gross margins, and project sales 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 „may”, „will”, „expect”, „anticipate”, „future”, „ongoing”, „continue”, „intend”, „plan”, „potential”, „prospect”, „guidance”, „believe”, „estimate”, „is/are likely to” or similar expressions, the negative of these terms, or other comparable terminology. These forward-looking statements include, among other things, our expectations regarding global electricity demand and the adoption of solar and battery energy storage technologies; our growth strategies, future business performance, and financial condition; our transition to a long-term owner and operator of clean energy assets and expansion of project pipelines; our ability to monetize project portfolios, manage supply chain fluctuations, and respond to economic factors such as inflation and interest rates; our outlook on government incentives, trade measures, regulatory developments, and geopolitical risks; our expectations for project timelines, costs, and returns; competitive dynamics in solar and storage markets; our ability to execute supply chain, manufacturing, and operational initiatives; access to capital, debt obligations, and covenant compliance; relationships with key suppliers and customers; technological advancement and product quality; and risks related to intellectual property, litigation, and compliance with environmental and sustainability regulations. Other risks were described in the Company’s filings with the Securities and Exchange Commission, including its annual report on Form 20-F filed on April 30, 2025. Although the Company believes 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 undertakes 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.
[email protected]
Recurrent Energy Media Inquiries
Inés Arrimadas
Recurrent Energy
[email protected]
