BlackRock Invests $500 Million in Recurrent Energy’s Solar and Storage Projects, Advancing Global Clean Energy Transition

Canadian Solar Inc. in partnership with global developer, owner, and operator of solar and energy storage assets, Recurrent Energy, announced today the initial closing and funding of an investment by BlackRock through a fund managed by its Climate Infrastructure business.

The initial closing, contingent on regulatory approvals and other conditions, represents the majority of the planned capital infusion. Once fully complete, BlackRock’s $500 million investment will account for 20% of the outstanding fully diluted shares of Recurrent Energy on an as-converted basis, with Canadian Solar retaining majority ownership.

This milestone allows Recurrent Energy to bolster investment in its project development portfolio, facilitating its strategic transition from a pure developer to a developer plus long-term owner and operator in key markets such as the U.S. and Europe. This shift aims to generate stable long-term revenue in low-risk currencies and maximize value from its global project development pipeline.

Recurrent Energy, renowned for its extensive track record, has developed, built, and connected over 10 GWp of solar power projects and 3.3 GWh of battery energy storage projects on six continents since 2009. As of March 31, 2024, the company boasts a global project development pipeline of 26 GW in solar and 56 GWh in storage, with 11 GW and 15 GWh respectively being projects with interconnections. By 2026, Recurrent Energy aims to have 4 GW of solar and 2 GWh of storage in operation in the U.S. and Europe.

Ismael Guerrero, CEO of Recurrent Energy, expressed gratitude for BlackRock’s financial and strategic support, emphasizing the company’s commitment to advancing solar and energy storage projects globally.

David Giordano, Global Head of Climate Infrastructure at BlackRock, highlighted the investment’s role in fueling Recurrent Energy’s growth in utility-scale solar and battery energy storage projects, positioning it as a leading global independent power producer.

The partnership between BlackRock and Recurrent Energy is poised to accelerate the development, construction, and management of renewable energy projects in core, high-growth markets, contributing to the global transition to clean, reliable, and affordable power.