Canadian Solar unit secures up to $1.41-billion in financing for European renewable energy business

, said on Thursday it has secured multi-currency revolving credit facility of up to €1.3-billion with 10 banks.

.Why it’s important Rising renewable energy capacity and the deployment of electric vehicles are expected to make energy storage a priority technology. The revolving credit facility will provide flexible financing for the construction of solar and battery energy storage projects across Spain, Italy, the United Kingdom, the Netherlands, France and Germany.As renewable energy expands across Europe to meet decarbonization goals, battery usage needs to grow to smooth out the intermittent supply of renewable energy.It is initially sized at €674-million but includes potential upsizing to about €1.3-billion.

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