Canadian Solar subsidiary Recurrent Energy has closed on most of the planned $500 million investment from a fund managed by BlackRock’s Climate Infrastructure business. (Source: Shutterstock)
Canadian Solar subsidiary Recurrent Energy has closed on most of the planned $500 million investment from a fund managed by BlackRock’s Climate Infrastructure business, the solar company said June 3.
When the transaction is fully complete, the investment will represent 20% of the outstanding fully diluted shares of Recurrent Energy on an as-converted basis, Canadian Solar said in a news release. The funds will help Recurrent transition from being a developer of utility-scale solar and energy storage projects to also being a long-term owner and operator in select markets including the U.S. and Europe.
Recurrent currently has a global project development pipeline of 26 gigawatts (GW) in solar and 56 gigawatt hours (GWh) in storage, according to the release. The company aims to have 4 GW of solar and 2 GWh of storage in operation in the U.S. and Europe by 2026.
“With this financial and strategic support from BlackRock, Recurrent Energy is well-equipped to advance our development of key solar and energy storage projects globally,” said Recurrent Energy CEO Ismael Guerrero. “We value our partnership with BlackRock and appreciate their commitment to our mission of delivering clean, reliable and affordable power to the world, today and tomorrow.”
The investment from BlackRock’s Climate Infrastructure Global Renewable Power Fund IV was first announced in January 2024.
Recommended Reading
CEO: Ovintiv Passes on Permian Prices for More Montney Condensate
2024-11-14 - Rumored to be a potential buyer in the Permian Basin, Ovintiv instead struck a deal for lower-cost oil and condensate assets in Alberta’s Montney Shale.
'A Renewed Look': Central Basin Platform's Old Rock Gains New Interest
2024-10-29 - As majors prune their portfolios to sell non-core assets, M&A activity is heating up on the Permian’s Central Basin Platform and Northwest Shelf—and Ring Energy hopes to be a buyer.
Jefferies: With Permian Locked Up, E&Ps Hunt for New L48 Runway
2024-11-26 - With the core of the Permian Basin largely locked up, “intrepid operators” are hunting for runway in more nascent Lower 48 basins and in less developed Permian benches.
Devon Ups Delaware Basin Ante With 21-Well Pad, Secondary Zones
2024-11-06 - Devon Energy is producing record volumes from the Delaware Basin—its biggest asset—where the company drilled a 21-well pad targeting six different intervals in recent months.
Diamondback Touts Land, Cheap Gas to Lure Data Centers to Permian
2024-11-05 - With 65,000 land acres, cheap natural gas and an abundant produced water supply, Diamondback wants to lure power-hungry data centers to West Texas.
Comments
Add new comment
This conversation is moderated according to Hart Energy community rules. Please read the rules before joining the discussion. If you’re experiencing any technical problems, please contact our customer care team.