Recurrent Energy Secures $415 Mln Corporate Debt Financing To Expand Its IPP Portfolio

(RTTNews) - Recurrent Energy, a subsidiary of Canadian Solar Inc. (CSIQ), Wednesday announced that it has secured a multi-currency credit facility valued at upto $415 million to expand its independent power producer or IPP portfolio across diverse geographies and markets.

The credit facility, backed by a consortium of four major banks, is expected to help the company to pursue strategic opportunities and accelerate the deployment of clean energy projects worldwide.

The company noted that the credit facility also includes an accordion feature, which allows for potential upsizing, and offers disbursements in various currencies.

Tuesday, CSIQ closed at $9.65, down 1.73 percent on the Nasdaq.