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

Recurrent Energy, a subsidiary of Canadian Solar Inc. has closed $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 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 secured a $211 million tax equity investment from Wells Fargo to support the project’s development.

Dylan Marx, CEO of Recurrent Energy, said the financing close would enable the company to accelerate construction of Cobalt Solar, describing the project as a significant addition to the U.S. energy landscape and a contributor to the country’s growing electricity demand.

The project is also expected to generate economic benefits for the local community. Cobalt Solar is projected to contribute approximately $14 million in property tax revenues to Riverside County.

Once operational, the 330 MW solar facility is expected to generate enough electricity to power the equivalent of approximately 82,000 homes annually.