BlackRock’s $500 Million Investment Fuels Recurrent Energy’s Global Solar and Storage Expansion

Recurrent Energy, a subsidiary of Canadian Solar Inc, has finalized a $500 million investment deal with BlackRock, marking a significant step in the company’s growth strategy. The investment, which was first announced in January 2024, has now been completed following the receipt of the second and final payment. The first payment was made in June 2024.

BlackRock’s Climate Infrastructure business, through its Global Renewable Power Fund IV, now holds a 20% stake in Recurrent Energy’s fully diluted shares. Canadian Solar continues to retain the majority of shares in its subsidiary.

This partnership is expected to bolster Recurrent Energy’s transition from being solely a project developer to a long-term owner and operator of clean energy projects in key markets, including the U.S. and Europe. The company aims to leverage this investment to secure stable long-term revenue and expand its portfolio of global projects.

Recurrent Energy is recognized as one of the largest clean energy developers worldwide, with a history of developing over 11 gigawatts of utility-scale solar projects and 3.7 gigawatt hours of energy storage projects across six continents since 2009.

Ismael Guerrero, CEO of Recurrent Energy, emphasized the importance of the partnership, stating, “We value our collaboration with BlackRock. This strategic alliance places us at the forefront of the renewable energy industry and provides the financial support needed to continue delivering clean, reliable, and affordable power.”

David Giordano, Global Head of Climate Infrastructure at BlackRock, highlighted the significance of the investment, stating, “Recurrent Energy is now well-positioned to accelerate the growth of its solar and battery storage projects in critical markets. We are eager to contribute our expertise to further its role as a leading independent power producer.”