Recurrent Energy, the solar project development subsidiary of global solar manufacturer Canadian Solar, has confirmed the initial closing of an investment by asset manager BlackRock.

Once the transaction is fully complete, the asset manager will invest US$500 million in the solar developer, which represents a 20% minority ownership stake in Recurrent Energy through outstanding fully diluted shares. Canadian Solar will retain the remaining majority shares.

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

Start $1 Trial

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

Get Premium Subscription

Or continue reading this article for free

Get Basic (FREE) Subscription

Announced at the beginning of the year, the investment will allow the developer to shift from a pure developer to an independent power producer (IPP). The company is present in the US and in select European markets, where it recently secured €674 million (US$734 million) to expand its European solar and battery energy storage system (BESS) portfolio. The credit facility will support the IPP’s development across Spain, Italy, the UK, the Netherlands, France and Germany.

This transition would allow the company to generate more stable long-term revenue in low-risk currencies and capture greater value from its diversified global project development pipeline.

The IPP has already developed, built and connected over 10GW of solar PV capacity and 3.3GWh of battery energy storage projects across the globe and has a development pipeline of 26GW of solar PV and 56GWh of storage, of which 11GW and 15GWh of capacity already secured interconnection.

By 2026, Recurrent Energy aims to have 4GW of solar PV and 2GWh of storage capacity operational in the US and Europe.

Ismael Guerrero, CEO of Recurrent Energy, said: “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”

UPCOMING EVENT

Large Scale Solar Central Eastern Europe 2025

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.

UPCOMING EVENT

PV ModuleTech Europe 2025

2 December 2025

Málaga, Spain

Understanding PV module supply to the European market in 2026. PV ModuleTech Europe 2025 is a two-day conference that tackles these challenges directly, with an agenda that addresses all aspects of module supplier selection; product availability, technology offerings, traceability of supply-chain, factory auditing, module testing and reliability, and company bankability.

UPCOMING EVENT

PV CellTech Europe 2026

10 March 2026

Frankfurt, Germany

The conference will gather the key stakeholders from PV manufacturing, equipment/materials, policy-making and strategy, capital equipment investment and all interested downstream channels and third-party entities. The goal is simple: to map out PV manufacturing out to 2030 and beyond.

UPCOMING EVENT

PV ModuleTech USA 2026

16 June 2026

Napa, USA

PV Tech has been running PV ModuleTech Conferences since 2017. PV ModuleTech USA, on 16-17 June 2026, will be our fifth PV ModulelTech conference dedicated to the U.S. utility scale solar sector. The event will gather the key stakeholders from solar developers, solar asset owners and investors, PV manufacturing, policy-making and and all interested downstream channels and third-party entities. The goal is simple: to map out the PV module supply channels to the U.S. out to 2027 and beyond.