Recurrent Energy secures $50 million loan from Natixis

Recurrent Energy’s »Mustang One« PV power project

Recurrent Energy LLC, subsidiary of Canadian Solar Inc., has secured a $50 million letter of credit (LC) facility from multinational financial services firm Natixis. The loan is to support the development of the company's utility-scale solar projects across the U.S. and Canada. Recurrent Energy will use this LC facility primarily to support security obligations under power purchase agreements and interconnection agreements for development-stage projects. According to the company, the facility size may be increased with participation from other banking partners that are committed to the North American renewable energy market. It is Canadian Solar's fifth transaction with Natixis.
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