Recurrent Energy, a wholly-owned subsidiary of Canadian Solar, has recently concluded a $75 million development loan deal with Nomura Corporate Funding Americas (Nomura).
The loan facility leverages the powerful existing Recurrent Energy infrastructure to finance and expand its US and Canadian growth activities.
“We are pleased to partner with Nomura, a global leader in financial services, on the $75 milliondevelopment loan facility. This transaction reflects Nomura’s strong confidence in Recurrent Energy’s high quality solar and energy storage assets in North America. Despite the challenging market backdrop due to the ongoing pandemic, I am proud that our teams have continued to work hard with our partners to secure financing and execute on our quality pipeline. We are especially appreciative of the trust that partners such as Nomura have placed in us to advance our development portfolio and bring these clean energy projects to fruition.”Dr. Shawn Qu, chairman and CEO of Canadian Solar.
“Nomura is excited to provide liquidity to Recurrent Energy’s robust development pipeline and to extend its relationship with Canadian Solar. The development pipeline is comprised of strong utility scale solar and solar plus storage assets developed intelligently from the ground up. Nomura is always pleased to develop creative solutions for its clients, particularly those like Recurrent Energy who have talented teams and a compelling business strategy.”Vinod Mukani, head of Nomura’s Infrastructure and Power Finance (IPF) group.
Recurrent Energy has proven track record in implementing creative corporate and project financing, using a tailor-made and versatile approach to optimizing value for consumers, investors and local communities.
It recently announced the closing of $282 million in debt financing to construct its Maplewood solar projects and $234 million in debt and tax equity funding for its Pflugerville project, contributing to the economic development and clean energy transition in Texas.