{"id":568,"date":"2020-09-10T18:04:15","date_gmt":"2020-09-10T09:04:15","guid":{"rendered":"https:\/\/canadiansolar-energy.co.jp\/en\/news_release\/?p=568"},"modified":"2020-09-10T19:15:41","modified_gmt":"2020-09-10T10:15:41","slug":"recurrent-energy-secures-development-loan-facility-to-accelerate-project-development-activities-in-north-america","status":"publish","type":"post","link":"https:\/\/canadiansolar-energy.co.jp\/en\/news_release\/2020\/568.html","title":{"rendered":"RECURRENT ENERGY SECURES DEVELOPMENT LOAN FACILITY TO ACCELERATE PROJECT DEVELOPMENT ACTIVITIES IN NORTH AMERICA"},"content":{"rendered":"
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Further establishing the company as an industry leader in complex project financing and deal structuring<\/span><\/strong><\/div>\n<\/div>\n
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GUELPH, Ontario,\u00a0Aug. 27, 2020\u00a0\/PRNewswire\/ —\u00a0Canadian Solar Inc.\u00a0(“Canadian Solar”) (NASDAQ: CSIQ) today announced that its wholly-owned subsidiary,\u00a0Recurrent Energy, LLC\u00a0(“Recurrent Energy”), recently executed a\u00a0$75 million\u00a0development loan transaction with\u00a0Nomura Corporate Funding Americas, LLC\u00a0(“Nomura”). The loan facility leverages Recurrent Energy’s strong existing pipeline to fund and accelerate its development activities in the\u00a0U.S.\u00a0and\u00a0Canada.<\/span><\/p>\n

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Dr.\u00a0Shawn Qu, Chairman and Chief Executive Officer of\u00a0Canadian Solar\u00a0said, “We are pleased to partner with Nomura, a global leader in financial services, on the\u00a0$75 million\u00a0development loan facility. This transaction reflects Nomura’s strong confidence in Recurrent Energy’s high quality solar and energy storage assets in\u00a0North 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.”<\/span><\/p>\n

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Vinod Mukani, head of Nomura’s Infrastructure and Power Finance (IPF) group\u00a0said, “Nomura is excited to provide liquidity to Recurrent Energy’s robust development pipeline and to extend its relationship with\u00a0Canadian 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.”<\/span><\/p>\n

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Recurrent Energy has a proven track record in executing innovative corporate and project\u00a0financings, employing a tailored and flexible approach to maximize value for customers, investors and local communities. Recently, it announced the closing of\u00a0$282 million\u00a0of debt financing to construct its\u00a0Maplewood\u00a0solar projects<\/a><\/span>\u00a0and\u00a0$234 million\u00a0of debt and tax equity financing for its\u00a0Pflugerville\u00a0project<\/a><\/span>, contributing to\u00a0Texas’\u00a0economic growth and clean energy transition.<\/span><\/p>\n

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About Recurrent Energy<\/span><\/strong><\/p>\n

Recurrent Energy is a leading utility-scale solar and storage project developer, delivering competitive, clean electricity to large energy buyers. Based in the\u00a0U.S., Recurrent Energy is a wholly owned subsidiary of\u00a0Canadian Solar Inc.\u00a0and functions as\u00a0Canadian Solar’s\u00a0North American project development arm. Recurrent Energy has approximately 5 GW of solar and storage projects in development in the\u00a0U.S.\u00a0Additional details are available at\u00a0www.recurrentenergy.com<\/a><\/span>.<\/span><\/p>\n

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About Nomura<\/span><\/strong><\/p>\n

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.<\/span><\/p>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Further establishing the company as an industry leader in complex project financing and deal structuring GUELP […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5,1],"tags":[],"class_list":["post-568","post","type-post","status-publish","format-standard","hentry","category-releases","category-1"],"_links":{"self":[{"href":"https:\/\/canadiansolar-energy.co.jp\/en\/news_release\/wp-json\/wp\/v2\/posts\/568","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/canadiansolar-energy.co.jp\/en\/news_release\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/canadiansolar-energy.co.jp\/en\/news_release\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/canadiansolar-energy.co.jp\/en\/news_release\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/canadiansolar-energy.co.jp\/en\/news_release\/wp-json\/wp\/v2\/comments?post=568"}],"version-history":[{"count":6,"href":"https:\/\/canadiansolar-energy.co.jp\/en\/news_release\/wp-json\/wp\/v2\/posts\/568\/revisions"}],"predecessor-version":[{"id":576,"href":"https:\/\/canadiansolar-energy.co.jp\/en\/news_release\/wp-json\/wp\/v2\/posts\/568\/revisions\/576"}],"wp:attachment":[{"href":"https:\/\/canadiansolar-energy.co.jp\/en\/news_release\/wp-json\/wp\/v2\/media?parent=568"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/canadiansolar-energy.co.jp\/en\/news_release\/wp-json\/wp\/v2\/categories?post=568"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/canadiansolar-energy.co.jp\/en\/news_release\/wp-json\/wp\/v2\/tags?post=568"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}