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Recurrent Energy announces initial closing of $500M investment from BlackRock

Recurrent Energy announces initial closing of $500M investment from BlackRock
Slate Solar + Storage project is a located in Kings County, California. In January of 2021, Recurrent Energy completed the sale of the Slate Project to Goldman Sachs Renewable Power LLC (courtesy: Recurrent Energy)

Recurrent Energy, a subsidiary of Canadian Solar Inc. and developer, owner, and operator of solar and storage assets, has announced the initial closing and funding of an investment from BlackRock totaling $500 million via a fund managed by its climate infrastructure business.

First announced in January, 2024, the sale was contingent on requisite regulatory approvals and other conditions, which have now been met.

The initial closing represents the majority of the planned capital infusion, says Recurrent. Once the transaction is complete, BlackRock’s $500 million investment will represent 20% of the outstanding fully diluted shares of Recurrent Energy on an as-converted basis. Canadian Solar will continue to own the remaining majority shares of Recurrent Energy.

According to the company, this milestone enables Recurrent Energy to advance investment in its high-value project development portfolio and support its strategic transition from a pure developer to a developer plus long-term owner and operator in select markets including the U.S. and Europe. This transition will allow Recurrent Energy to generate more stable long-term revenue in low-risk currencies and capture greater value from its diversified global project development pipeline, Recurrent said in a release.

“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 Ismael Guerrero, CEO of Recurrent Energy. “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.”

“This investment from the BlackRock Climate Infrastructure Global Renewable Power Fund IV positions Recurrent Energy to grow the development, construction, and management of utility-scale solar and battery energy storage projects in core, high-growth markets. We look forward to combining our strengths and expertise to build a leading, global independent power producer,” added David Giordano, BlackRock’s global head of climate infrastructure.

Recurrent Energy is one of the world’s largest clean energy project development platforms, having developed, built, and connected more than 10 GWp of solar power projects and 3.3 GWh of battery energy storage projects on six continents since 2009.

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