GLAS facilitates €61.5m solar and storage project financing for Recurrent Energy

GLAS is pleased to have partnered with Recurrent Energy on a project financing initiative to support both the operation of its existing solar portfolio and the development of new battery energy storage infrastructure in Italy.

This €61.5 million transaction enables Recurrent Energy to reinforce its position as a long-term clean energy operator in Europe. The financing will support the company’s 124 MW solar portfolio and the construction of a co-located battery energy storage system, enhancing asset flexibility and profitability while contributing to a more resilient and sustainable energy grid.

GLAS acted as Facility Agent and Security Agent, with the transaction led by our team in Madrid. Banco Santander served as the lender.

About Recurrent Energy and Canadian Solar Inc.

Recurrent Energy is a leading developer and operator of solar and energy storage projects globally. As a subsidiary of Canadian Solar Inc., one of the world’s largest solar technology and renewable energy companies, Recurrent Energy is at the forefront of the transition to clean, reliable power. The company’s integrated approach to solar and storage development supports its mission to deliver grid-resilient infrastructure and accelerate the shift to a low-carbon future.

About GLAS

GLAS was established in 2011 as an independent provider of institutional debt administration services. The company was originally created to provide the market a willing participant in complex loan restructuring transactions where many large institutions are reluctant to take swift and cooperative action. It offers a wide range of administration services developed specifically for the debt market.

GLAS is recognised as the premier independent, non-creditor, conflict-free provider of loan agency and bond trustee services, with excess of $600bn of assets under administration on a daily basis. For more information, contact media@glas.agency.