Multinational solar manufacturer Canadian Solar has appointed a new CEO at its solar and energy storage project development subsidiary, Recurrent Energy.
Dylan Marx, the current chief operating officer (COO) at Canadian Solar, will take on the CEO role at Recurrent Energy, replacing outgoing head Ismael Guerrero, effective immediately. Marx has already served as the president of Recurrent’s power services business since 2023.
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Guerrero will continue to serve in a non-executive advisory role until the end of 2026, Canadian Solar said, to “ensure a seamless transition”.
“Canadian Solar remains fully committed to supporting Recurrent Energy and working with our partners and stakeholders to generate long-term value,” said Canadian Solar CEO Colin Parkin. “Dylan’s deep knowledge of Recurrent Energy’s business, global perspective, and proven track record in operational oversight make him the right leader to guide Recurrent into its next phase.”
This leadership change follows lacklustre financial results for Recurrent Energy. The company recorded operating losses of US$60 million in the first quarter of 2026 and its net revenues were lower in Q1 2026 than in the previous two three-month periods. In its Q1 earnings call, Guerrero said that Recurrent’s “near term” profit and loss “may not be optimal”. The company does claim to have a substantial solar project development pipeline of over 23GW.
Canadian Solar has also undergone a shift in recent months. At the start of the year the company announced Colin Parkin as its new CEO, replacing long-standing executive and co-founder Shawn Qu. Parkin was formerly president of Canadian Solar’s e-STORAGE energy storage subsidiary.
Like its competitors in the solar manufacturing industry, it has recorded net losses consistently over the last year or two, driven by industry overcapacity and sustained low module and component prices. The company’s energy storage segment has been more profitable, as demand for storage solutions has consistently grown.
In addition, in December, Canadian Solar announced restructuring to base the ownership of its solar PV and energy storage manufacturing businesses in the US, through joint ventures (JVs) between its central company and its solar manufacturing subsidiary, CSI Solar.
The company claimed the move “reflects Canadian Solar’s commitment to its North American homebase,” but it is also likely a response to the new US restrictions on Chinese solar products and suppliers, designed to shift focus from the company’s large Chinese manufacturing assets towards its North American operations.
