Canadian Solar Unit Secures €150M Multi-Currency Facility With Santander CIB

Canadian Solar Inc CSIQ subsidiary Recurrent Energy has secured a €150 million multicurrency facility with the Santander Corporate & Investment Banking division of Banco Santander SA SAN.

The facility will support Recurrent Energy's growth and strategy to retain greater asset ownership in select markets. 

This transaction marks the fourth corporate facility between Recurrent Energy and Santander CIB over the past three years.

Also Read: What's Going On With Canadian Solar?

The new facility comprises a €30 million plus a $20 million term loan and a $110.5 million revolving credit facility, with a total duration of three years. 

"Recurrent Energy is significantly accelerating its deployment of solar PV and battery energy storage by expanding its leading IPP (independent power producer) revenue base and growing stable and predictable cash flows," commented Dr. Shawn Qu, Chairman and CEO of Canadian Solar.

Price Action: CSIQ shares are trading higher by 0.46% at $37.11 on the last check Monday.