Recurrent Energy secures a new EUR 150 million multi-currency facility with Santander CIB to support growth and its transition to IPP

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Jun 26, 2023, 07:00 ET

GUELPH, ON, June 26, 2023 /PRNewswire/ -- Canadian Solar Inc. (the "Company", or "Canadian Solar") (NASDAQ: CSIQ) announced today that Recurrent Energy, its wholly-owned subsidiary for global project development and power services, has secured a €150 million multicurrency facility with Santander Corporate & Investment Banking (Santander CIB). The facility will support Recurrent Energy's growth and strategy to retain greater asset ownership in select markets. Recurrent Energy is one of the world's largest and most geographically diversified utility-scale solar and battery energy storage platforms, with a track record of 9 GW of solar and 3 GWh of battery storage power plants now in operation in 29 countries across five continents.

This transaction marks the fourth corporate facility between Recurrent Energy and Santander CIB over the past three years which demonstrates Santander's commitment and continuing support for Recurrent Energy's business. The new facility is composed of a €30 million plus $20 million term loan and a $110.5 million revolving credit facility, with a total duration of three years. This structure provides Recurrent Energy significant flexibility to execute on its growth plans and accelerate its transition to a develop-to-own model in its core markets in North America and Europe, capturing the full value of the projects developed in low-risk markets.

"Recurrent Energy is significantly accelerating its deployment of solar PV and battery energy storage by expanding its leading IPP (independent power producer) revenue base and growing stable and predictable cash flows. We continue to foster long-term community partnerships and create a lasting positive impact, as our success will come from true commitment to community values." said Dr. Shawn Qu, Chairman and CEO of Canadian Solar.

He added, "The strengthening partnership with Santander CIB allows Recurrent Energy to continue to leverage on its expertise across development, finance, construction and operations to further grow its clean energy platform."

As of the first quarter of 2023, Recurrent Energy has a total global solar PV project pipeline of 25 GWp and 47 GWh of battery storage of which 14 GWp and 12 GWh respectively have interconnections granted, with a large majority of the pipeline being developed from greenfield.

About Santander Corporate & Investment Banking

Santander CIB is Santander's global division that supports corporate and institutional clients, offering tailored services and value-added wholesale products suited to their complexity and sophistication, as well as to responsible banking standards that contribute to the progress of society.

About Canadian Solar Inc.

Canadian Solar was founded in 2001 in Canada and is one of the world's largest solar technology and renewable energy companies. It is a leading manufacturer of solar photovoltaic modules, provider of solar energy and battery storage solutions, and developer of utility-scale solar power and battery storage projects with a geographically diversified pipeline in various stages of development. Over the past 22 years, Canadian Solar has successfully delivered around 94 GW of premium-quality, solar photovoltaic modules to customers across the world. Likewise, since entering the project development business in 2010, Canadian Solar has developed, built and connected over 8.8 GWp in over 20 countries across the world. Currently, the Company has approximately 609 MWp of projects in operation, 6.9 GWp of projects under construction or in backlog (late-stage), and an additional 17.7 GWp of projects in advanced and early-stage pipeline. Canadian Solar is one of the most bankable companies in the solar and renewable energy industry, having been publicly listed on the NASDAQ since 2006. For additional information about the Company, follow Canadian Solar on LinkedIn or visit www.canadiansolar.com.

Safe Harbor/Forward-Looking Statements

Certain statements in this press release, including those regarding the Company's expected future shipment volumes, revenues, gross margins and project sales are forward-looking statements that involve a number of risks and uncertainties that could cause actual results to differ materially. These statements are made under the "Safe Harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. In some cases, you can identify forward-looking statements by such terms as "believes," "expects," "anticipates," "intends," "estimates," the negative of these terms, or other comparable terminology. Factors that could cause actual results to differ include general business, regulatory and economic conditions and the state of the solar and battery storage market and industry; geopolitical tensions and conflicts, including impasses, sanctions and export controls; volatility, uncertainty, delays and disruptions related to the COVID-19 pandemic; supply chain disruptions; governmental support for the deployment of solar power; future available supplies of high-purity silicon; demand for end-use products by consumers and inventory levels of such products in the supply chain; changes in demand from significant customers; changes in demand from major markets such as Japan, the U.S., China, Brazil and Europe; changes in effective tax rates; changes in customer order patterns; changes in product mix; changes in corporate responsibility, especially environmental, social and governance ("ESG") requirements; capacity utilization; level of competition; pricing pressure and declines in or failure to timely adjust average selling prices; delays in new product introduction; delays in utility-scale project approval process; delays in utility-scale project construction; delays in the completion of project sales; continued success in technological innovations and delivery of products with the features that customers demand; shortage in supply of materials or capacity requirements; availability of financing; exchange and inflation rate fluctuations; uncertainties related to the CSI Solar carve-out listing; litigation and other risks as described in the Company's filings with the Securities and Exchange Commission, including its annual report on Form 20-F filed on April 18, 2023. Although the Company believes that the expectations reflected in the forward-looking statements are reasonable, it cannot guarantee future results, level of activity, performance, or achievements. Investors should not place undue reliance on these forward-looking statements. All information provided in this press release is as of today's date, unless otherwise stated, and Canadian Solar undertakes no duty to update such information, except as required under applicable law.

Canadian Solar Inc. Contacts

Isabel Zhang
Investor Relations
Canadian Solar Inc.
[email protected]

David Pasquale
Global IR Partners
Tel: +1-914-337-8801
[email protected]

SOURCE Canadian Solar Inc.