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.
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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”
