Recurrent Energy Secures $695 Million Financing for 330 MW Cobalt Solar Project

Recurrent Energy, a subsidiary of Canadian Solar Inc., has secured $695 million in project financing and tax equity for its 330 MW Cobalt Solar project in Riverside County, California.

Located approximately 20 miles west of Blythe, the utility-scale solar project is currently under construction and is expected to achieve commercial operation by the end of 2027. Blattner Energy has been appointed as the engineering, procurement, and construction (EPC) contractor.

The financing package includes approximately $484 million in debt financing, led by Mitsubishi UFJ Financial Group (MUFG) and Nord/LB. The package comprises construction and term loans, a tax equity bridge loan, and a letter of credit facility.

In addition, Recurrent Energy has secured $211 million in tax equity investment from Wells Fargo for the project.

The Cobalt Solar project is expected to provide significant economic benefits to the local community, including approximately $14 million in property tax revenues for Riverside County.

Once operational, the facility is expected to generate enough electricity to power the equivalent of approximately 82,000 homes annually.

Dylan Marx, CEO of Recurrent Energy, said the financing close will enable the company to accelerate construction of the project and contribute to meeting the growing electricity demand in the U.S.

The financing marks the continued collaboration between Recurrent Energy, MUFG, Nord/LB, and Wells Fargo in supporting large-scale renewable energy infrastructure in California.