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Recurrent Energy’s Recent Financing Rounds
Jul 25, 2025
Recurrent Energy has quietly assembled one of the most sophisticated financing stacks in clean energy—securing nearly $1 billion in capital in the first half of 2025 alone. These recent moves reflect a strategic transformation from pure-play solar developer into a fully integrated global Independent Power Producer (IPP) with a growing portfolio of battery storage assets.
Below is a breakdown of the company’s most recent financing rounds and what they reveal about its evolving strategy.
Date | Amount | Structure | Project/Use | Partners |
|---|---|---|---|---|
Apr 2025 | $415M | Corporate revolving credit | Global platform capital | Santander, Rabobank, Morgan Stanley |
Jun 2025 | €61.5M | Non-recourse project financing | Italian solar + storage portfolio | Santander |
Jul 2025 | $260M | Construction loan + tax equity | 94 MW Blue Moon Solar (Kentucky) | U.S. Bank, Constellation |
Mar 2025 | $183M | Merchant storage finance + equity | 200 MWh Fort Duncan (Texas) | Nord/LB, Greenprint Capital |
Corporate Credit Facility: $415M in Multi-Currency Liquidity
In April 2025, Recurrent Energy secured a $415 million revolving corporate credit facility, marking a major step in its evolution into a global power producer. The facility is structured to allow conversion into multiple currencies—USD, EUR, GBP, and AUD—giving the company the flexibility to deploy capital across North America, Europe, and Asia-Pacific.
The facility was led by Rabobank, Santander, Intesa Sanpaolo, and Morgan Stanley, with Santander acting as global financial advisor.
This credit line enables Recurrent to fund early-stage development, bridge capital for construction, and support broader platform growth beyond traditional project finance.
Italian Solar + BESS Portfolio: €61.5M Non-Recourse Project Financing
In June 2025, Recurrent announced the €61.5 million non-recourse financing of a 124 MW operating solar PV portfolio in Italy, coupled with the construction of co-located battery storage.
Banco Santander provided the capital in a bespoke financing package that supports both operational assets and new construction, signaling investor appetite for integrated generation + storage plays in mature European markets.
This marks a critical milestone in Recurrent’s European strategy and reinforces its ability to secure structured capital for multi-asset portfolios.
Blue Moon Solar (Kentucky): $260M Project Financing + Tax Equity
In July 2025, Recurrent closed a $260 million financing package for the 94 MW Blue Moon Solar project in Kentucky. The round was led by U.S. Bancorp Impact Finance, which provided both construction debt and tax equity.
A Power Purchase Agreement (PPA) with Constellation further de-risked the project by securing offtake for energy and RECs. This is Recurrent’s first project in Kentucky and marks a broader expansion into new U.S. markets beyond its traditional base.
Fort Duncan Storage (Texas): $183M Merchant Storage Financing
Earlier in March 2025, Recurrent secured $183 million for its 200 MWh merchant battery project in Texas, known as Fort Duncan. The financing included:
$112 million in construction and term debt from Nord/LB
$71 million in tax equity from Greenprint Capital
This deal highlights Recurrent’s entry into merchant storage within ERCOT—one of the most competitive and lucrative battery markets globally. The company will operate the project on a merchant basis, monetizing volatility in real-time pricing while providing critical grid services.
Bottom Line
Recurrent Energy is no longer just a project developer. With nearly $1B in structured capital raised in 2025 alone, it is rapidly emerging as a fully capitalized global IPP with an advanced energy storage and solar portfolio.
Expect Recurrent to continue layering in merchant storage, utility-scale solar, and hybrid assets across global markets—backed by a growing bench of institutional capital partners.