Recurrent Energy has secured a $75m bank loan to accelerate utility-scale solar PV development activities in North America with a focus on Texas which remains a hot growth spot in the US despite ongoing sector upheaval from Covid-19.

Shawn Qu, CEO of parent Canadian Solar, called the market backdrop “challenging,” but said the transaction reflects Nomura’s “strong confidence” in the quality of Recurrent’s assets and ability to complete projects.