GUELPH, Ontario, Aug. 27, 2020 /PRNewswire/ — Canadian Solar Inc. (“Canadian Solar”) (NASDAQ: CSIQ) today announced that its wholly-owned subsidiary, Recurrent Energy, LLC (“Recurrent Energy”), recently executed a $75 million development loan transaction with Nomura Corporate Funding Americas, LLC (“Nomura”). The loan facility leverages Recurrent Energy’s strong existing pipeline to fund and accelerate its development activities in the U.S. and Canada.
Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar said, “We are pleased to partner with Nomura, a global leader in financial services, on the $75 million development 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.”
Vinod Mukani, head of Nomura’s Infrastructure and Power Finance (IPF) group said, “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.”
Recurrent Energy has a proven track record in executing innovative corporate and project financings, employing a tailored and flexible approach to maximize value for customers, investors and local communities. Recently, it announced the closing of $282 million of debt financing to construct its Maplewood solar projects and $234 million of debt and tax equity financing for its Pflugerville project, contributing to Texas’ economic growth and clean energy transition.
About Recurrent Energy
Recurrent Energy is a leading utility-scale solar and storage project developer, delivering competitive, clean electricity to large energy buyers. Based in the U.S., Recurrent Energy is a wholly owned subsidiary of Canadian Solar Inc. and functions as Canadian Solar’s North American project development arm. Recurrent Energy has approximately 5 GW of solar and storage projects in development in the U.S. Additional details are available at www.recurrentenergy.com.
Nomura is a global financial services group with an integrated global network spanning over 30 countries. By connecting markets East & West, Nomura services the needs of individuals, institutions, corporates and governments through its four business divisions: Retail, Asset Management, Wholesale (Global Markets and Investment Banking), and Merchant Banking. Founded in 1925, the firm is built on a tradition of disciplined entrepreneurship, serving clients with creative solutions and considered thought leadership. Nomura’s Infrastructure and Power Finance business provides a diverse pool of financing solutions to project owners globally.