Independent power producer (IPP) Recurrent Energy has secured US$695 million in financing to support a 330MW solar PV project in California.
The company, the project development subsidiary of solar manufacturing major Canadian Solar, secured the financing in two instalments: US$484 million in debt financing led by Mitsubishi UFJ Financial Group, Inc. (MUFG) and Nord/LB, and a US$211 million tax equity investment from Wells Fargo.
Try Premium for just $1
- Full premium access for the first month at only $1
- Converts to an annual rate after 30 days unless cancelled
- Cancel anytime during the trial period
Premium Benefits
- Expert industry analysis and interviews
- Digital access to PV Tech Power journal
- Exclusive event discounts
Or get the full Premium subscription right away
Or continue reading this article for free
The 330MW Cobalt solar facility near Blythe, Riverside County, California is currently under construction and is expected to reach commercial operations by the end of 2027. Blattner Energy is the engineering, procurement and construction (EPC) contractor for the site.
“We are thrilled to close the project financing and ramp up construction of Cobalt Solar. This project represents a significant addition to the US energy landscape and will contribute meaningfully to meeting the country’s growing electricity demand,” said Dylan Marx, the recently appointed CEO of Recurrent Energy.
Recurrent Energy claims to have developed around 12GWp of solar PV capacity to date across six continents. It has made significant moves in Australia of late, recently beginning operations at a 150MW PV plant in the state of Victoria, backed by a long-term PPA with Microsoft, and in November it sold the 275MW Gunning solar-plus-storage project in New South Wales.
Last month, Recurrent appointed Marx as its new CEO. It followed operating losses of US$60 million in the first quarter of 2026 and net revenues that were lower in Q1 2026 than in the previous two three-month periods. We also saw restructuring at its parent company, Canadian Solar, as it wrangles with consistently challenging dynamics in the Chinese solar manufacturing industry and renewed scrutiny on foreign-made products in the US.
