Canadian Solar subsidiary Recurrent Energy has closed on a BlackRock investment funding its platform, totaling $500 million once fully complete.
The investment will represent 20% of the outstanding fully diluted shares of Recurrent Energy on an as-converted basis. Canadian Solar will continue to own the remaining majority shares of the company.
“With this financial and strategic support from BlackRock, Recurrent Energy is well-equipped to advance our development of key solar and energy storage projects globally,” says Ismael Guerrero, CEO of Recurrent Energy.
“We value our partnership with BlackRock and appreciate their commitment to our mission of delivering clean, reliable, and affordable power to the world, today and tomorrow.”
BlackRock is making the investment through a fund managed by its Climate Infrastructure business.
