Recurrent Energy bags US$500 million from Blackrock for 20% share takeover

Facebook
Twitter
LinkedIn
Reddit
Email
The North Fork solar project, Recurrent Energy’s first facility in Oklahoma. Image: Recurrent Energy

Recurrent Energy, the solar project development subsidiary of global solar manufacturer Canadian Solar, has secured a US$500 million equity investment from Blackrock, the world’s largest asset manager.

Upon completion of the investment – which came from Blackrock’s Climate Infrastructure business – Blackrock will take a 20% minority ownership stake in Recurrent Energy through outstanding fully diluted shares. Canadian Solar will retain the remaining majority stake.

This article requires Premium SubscriptionBasic (FREE) Subscription

Unlock unlimited access for 12 whole months of distinctive global analysis

Photovoltaics International is now included.

  • Regular insight and analysis of the industry’s biggest developments
  • In-depth interviews with the industry’s leading figures
  • Unlimited digital access to the PV Tech Power journal catalogue
  • Unlimited digital access to the Photovoltaics International journal catalogue
  • Access to more than 1,000 technical papers
  • Discounts on Solar Media’s portfolio of events, in-person and virtual

Or continue reading this article for free

In its announcement, Recurrent Energy said that the investment will enable it to begin a shift from being solely a project developer to a developer-cum-owner and operator in select markets “including the US and Europe”. This shift, it said, would create a more diversified portfolio and more stable long-term revenue in “low-risk currencies”.

It also said that the money would support the growth of its project development pipeline, which it said stood at 26GW of solar and 55GWh of energy storage capacity – of which 13GW and 12GWh respectively have interconnections – as of September 2023.

The transaction with Blackrock will cover operations in the US, Canada, Spain, Italy, the UK, France, the Netherlands, Germany, South Africa, Brazil, Chile, Colombia, Australia, South Korea and Taiwan; and excludes Canadian Solar’s project development business in Japan and China, and certain assets in Latin America and Taiwan.

“We are now at an inflection point for renewable energy growth,” said Shawn Qu, CEO of Canadian Solar. “The infusion of capital from our partner BlackRock, who is also Canadian Solar’s largest institutional investor, will provide the resources needed to further scale the Recurrent Energy platform and meet record clean energy power demand across the world.”

In October, Canadian Solar issued a US$123 million private placement in Japan to support Recurrent Energy’s global business. Then, last November, Recurrent raised a US$100 million finance package to support the development of a 300MW solar PV project in Brazil.

25 November 2025
Warsaw, Poland
Large Scale Solar Central and Eastern Europe continues to be the place to leverage a network that has been made over more than 10 years, to build critical partnerships to develop solar projects throughout the region.

Read Next

June 9, 2025
Growing political headwinds threaten to dent US solar manufacturing and project deployment, despite a strong start to 2025.
June 6, 2025
rPlus Energies has secured more than US$500 million for an 800MW solar-plus-storage project in Emery County, Utah, US.  
June 6, 2025
Eternal Sun has acquired German solar simulator provider Wavelabs, which has resulted in the formation of a new subsidy, Wavelabs Eternal Sun.
June 6, 2025
Australia’s Solar Energy Industries Association (SEIA) has called on Australia’s climate change and energy minister, Chris Bowen, to “urgently intervene” on a rule change that could threaten to derail the uptake of rooftop solar PV.
June 5, 2025
Policy uncertainty in the US is likely to disrupt investment in clean energy, according to a recent report from Crux.
June 5, 2025
Investment in clean energy and grids will reach US$2.2 trillion in 2025, double the expected investment into fossil fuels this year, according to data from the International Energy Agency (IEA).

Subscribe to Newsletter

Upcoming Events

Solar Media Events
June 17, 2025
Napa, USA
Upcoming Webinars
June 30, 2025
10am PST / 6pm BST
Solar Media Events
July 1, 2025
London, UK
Solar Media Events
July 1, 2025
London, UK
Solar Media Events
September 16, 2025
Athens, Greece