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

July 4, 2025
Australian retailer AGL Energy has confirmed its acquisition of South Australia’s Virtual Power Plant (SAVPP) from Tesla.
Premium
July 3, 2025
Meeting the UK’s solar targets will not simply require the installation of new capacity, but investment in grid infrastructure and training.
July 3, 2025
Malaysian engineering and infrastructure giant Gamuda has expanded its presence in the Australian renewables sector by partnering with Tasmanian landowners to build a 1.2GW portfolio, which includes solar PV.
July 2, 2025
Asset management firm Capital Dynamics has secured €110 million (US$129.4 million) in financing for three solar PV projects in Spain.
Premium
July 2, 2025
ANALYSIS: China's leading PV manufacturers are locked in a new round of competition, aiming to outpace each other through record-breaking feats.
July 2, 2025
Indigenous-led renewable energy company Yindjibarndi Energy Corporation (YEC) has submitted plans for a hybrid wind and solar PV renewable energy project to the Australian government’s Environment Protection and Biodiversity Conservation (EPBC) Act.

Subscribe to Newsletter

Upcoming Events

Media Partners, Solar Media Events
September 2, 2025
Mexico City, Mexico
Solar Media Events
September 16, 2025
Athens, Greece
Solar Media Events
September 22, 2025
Bilbao, Spain
Solar Media Events
September 30, 2025
Seattle, USA
Solar Media Events
October 1, 2025
London, UK