May 23 (Reuters) - Recurrent Energy, a unit of solar

technology firm Canadian Solar ( CSIQ ), said on Thursday it has

secured multi-currency revolving credit facility of up to 1.3

billion euros ($1.41 billion) with 10 banks.

The credit facility will be used for the construction of

renewable energy projects in several European countries.

Recurrent Energy and the participating financial

institutions signed the deal in Seville, Spain.

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.

CONTEXT

As renewable energy expands across Europe to meet

decarbonization goals, battery usage needs to grow to smooth out

the intermittent supply of renewable energy.

BY THE NUMBERS

The facility will be available for three years with optional

extensions.

It is initially sized at 674 million euros but includes

potential upsizing to about 1.3 billion euros.

KEY QUOTES

"This agreement solidifies Recurrent Energy's growth

strategy and our transformation into one of the world's leading

independent renewable energy producers and developers," Ismael

Guerrero, CEO of Recurrent Energy, said.

($1 = 0.9223 euros)