International law firm CMS has advised Recurrent Energy, a subsidiary of Canadian Solar Inc. and a global developer and owner of solar and energy storage assets on a multi-currency facility of up to €110 million from a club of international banks led by Investec Bank Plc.
The facility consists of a €55 million term loan and a €55 million revolving credit facility which will support Recurrent Energy in the execution of its global solar PV and energy storage project pipeline, as it transitions to become an independent power producer (IPP) and accelerates its growth strategy.
The CMS team was led by Energy Finance partner Nicholas Ross-McCall, assisted by of counsel Will Fenn.
Ismael Guerrero, CEO of Recurrent Energy, said: “This facility marks a significant step towards our goal of establishing a leading global platform for clean, reliable, and affordable energy solutions.”
CMS Partner Nick Ross-McCall added: “We are honoured to have assisted Recurrent Energy in securing this bespoke facility, supporting the roll-out of renewable energy projects across Europe and further evidencing CMS’ expertise in this sector.”
