Recurrent Energy Secures Landmark $415M Credit Facility
Deal News | May 06, 2025 | Iberian Lawyer
Recurrent Energy, a subsidiary of Canadian Solar, has successfully secured a multi-currency corporate credit facility valued at $415 million. This significant financial arrangement was made possible thanks to the backing of four major banks, and it provides Recurrent with the financial flexibility needed to expand its IPP portfolio across various geographies. The financing facility includes an accordion feature that allows for potential upsizing and is available in USD, EUR, GBP, and AUD currencies. This enables Recurrent to support its strategy of accelerating the deployment of clean energy projects globally. The transaction involved Recurrent's legal team, with Chief Legal Officer Jeff Kalikow and other counsel, and received advisory support from Clifford Chance, a law firm. Clifford Chance's team was led by Global Financial Markets partner José Guardo, with involvement from their offices in Amsterdam, Perth, and New York.
Sectors
- Renewable Energy
- Finance
- Legal Services
Geography
- International – Recurrent Energy, as a global player, secured financing via a multi-currency facility backed by banks from different regions.
- United States – Recurrent Energy is based in the US, and the financing facility involves USD disbursements.
- Europe – Clifford Chance supported the deal from its offices in Amsterdam, and the involvement of EUR in the credit facility.
- Australia – Clifford Chance's office in Perth was involved, and the facility includes AUD disbursements.
- Canada – Recurrent Energy is a subsidiary of Canadian Solar, highlighting Canadian involvement.
Industry
- Renewable Energy – Recurrent Energy focuses on developing and operating solar and energy storage assets.
- Finance – The article discusses a significant credit facility arrangement involving multiple banks.
- Legal Services – Clifford Chance provided legal advisory services for the financial arrangement.
Financials
- 415 million USD – The value of the multi-currency corporate credit facility secured by Recurrent Energy.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Recurrent Energy | Target Company | Company | A subsidiary of Canadian Solar, focusing on solar and energy storage. |
| Canadian Solar | Parent Company | Company | A Canadian company that owns Recurrent Energy. |
| Jeff Kalikow | Chief Legal Officer | Person | Part of Recurrent Energy's in-house legal team handling the deal. |
| Clifford Chance | Legal Advisor | Company | Advised Recurrent Energy with legal matters regarding the credit facility. |
| José Guardo | Legal Partner | Person | Global Financial Markets partner at Clifford Chance leading the advisory team. |