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.
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