Recurrent Energy Completes $500 Million Investment Deal with BlackRock to Accelerate Global Growth

Recurrent Energy has completed the final closing of a $500 million investment from BlackRock, made through its Climate Infrastructure fund.

The transaction, initially announced in January 2024, was finalized after the second and final payment was received. The first payment was made in June 2024. With this investment, BlackRock now holds 20% of Recurrent Energy’s fully diluted shares on an as-converted basis, while Canadian Solar retains the majority stake.

This significant investment allows Recurrent Energy to further develop its high-value project portfolio, marking a strategic shift from being solely a project developer to also becoming a long-term owner and operator in key markets such as the U.S. and Europe. This move will enable Recurrent Energy to generate more stable, long-term revenue in low-risk currencies, enhancing the value captured from its global project pipeline.Ismael Guerrero, CEO of Recurrent Energy, said, “We value our partnership with BlackRock and appreciate their commitment. This strategic partnership positions Recurrent Energy at the forefront of the renewable energy industry, providing the financial strength necessary to continue developing key solar and energy storage projects globally, while also supporting our mission to deliver clean, reliable, and affordable power to the world, today and tomorrow.”

David Giordano, Global Head of Climate Infrastructure, BlackRock, added, “With this investment from BlackRock’s Climate Infrastructure Global Renewable Power Fund IV, Recurrent Energy is well-positioned to accelerate the growth of its solar and battery storage projects at utility scale in critical, fast-growing markets. We are eager to collaborate, contributing our expertise to shape a top global independent power producer.”