Canadian Solar Inc., a global solar and energy storage company, has announced that its subsidiary, Recurrent Energy, has secured a 5-year €50m loan from the European Investment Bank (EIB) to support the development and construction of solar energy projects in Italy.
This funding aligns with the EIB’s commitment to Renewable Energy, Climate Action, and Social and Economic Cohesion, and will enhance Recurrent Energy’s contribution to Italy’s clean energy transition. The goal behind the loan is also to support Europe’s goals of reducing emissions and improving energy independence.
Ismael Guerrero, CEO of Recurrent Energy, said: “We are excited to extend our banking relationship with the EIB. This transaction is a significant milestone in our goal to become one of the largest Independent Power Producers (IPPs) globally.
It reflects our commitment to fostering a more sustainable economy in Europe and beyond. We look forward to a long-term partnership with the EIB to advance our mutual goals.”
Recurrent Energy’s progress since expanding into Italy in 2017 has included the recent launch of its 51 MW solar PV project in Anguillara, Marsala, Sicily.
The company’s European portfolio now includes 10.3GW of solar PV and 32.8GWh of battery energy storage.
