Recurrent Energy Announces $500 Million BlackRock Capital Commitment 

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Canadian Solar subsidiary Recurrent Energy has secured a $500 million preferred equity investment commitment, convertible into common equity, from BlackRock through a fund managed by its Climate Infrastructure business. 

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 Recurrent Energy after the closing of the investment.

The investment will provide Recurrent Energy with additional capital to grow its development pipeline while executing its strategy to transition from a pure developer to a developer plus long-term owner and operator in select markets. 

“We are delighted to have the support of BlackRock, one of the largest and most sophisticated renewable energy investors in the world, as we scale Recurrent Energy in response to massive global demand for renewable energy and energy storage solutions,” says Recurrent Energy CEO Ismael Guerrero. “This investment will support our growth and continued ambition to make a difference by leading the renewable energy transition across the world.”

As of September, Recurrent Energy had a global development pipeline of 26 GW in solar and 55 GWh in storage. 

BofA Securities Inc. and Banco Santander acted as financial advisors to Canadian Solar.

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