Investment from BlackRock will help Recurrent Energy to progress its project development portfolio. Credit: Phonlamai Photo/Shutterstock.

Recurrent Energy, a subsidiary of Canadian Solar, has confirmed the initial closing and funding of an investment by BlackRock.

Managed through BlackRock’s Climate Infrastructure business, this marks a significant step in Recurrent Energy’s strategic growth plans.

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The transaction, first announced in January 2024, has met all necessary regulatory approvals and conditions.

The initial closing accounts for the majority of the planned capital infusion from BlackRock.

BlackRock’s investment of $500m will equate to a 20% stake in the outstanding fully diluted shares of Recurrent Energy. Canadian Solar will retain majority ownership.

The capital from BlackRock will enable Recurrent Energy to progress its high-value project development portfolio.

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This move is pivotal for Recurrent’s shift from a pure developer to a developer plus long-term owner and operator, particularly in the US and European markets.

The strategy aims to yield more stable long-term revenue in low-risk currencies and maximise value from its diversified project development pipeline.

Recurrent Energy CEO Ismael Guerrero stated: “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.

“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 climate infrastructure global head David Giordano stated: “This investment from the BlackRock Climate Infrastructure Global Renewable Power Fund IV positions Recurrent Energy to grow the development, construction, and management of utility-scale solar and battery energy storage projects in core, high-growth markets.

“We look forward to combining our strengths and expertise to build a leading, global independent power producer.”

Recurrent Energy has a significant presence in the clean energy sector, with 10GW of solar projects and 3.3 gigawatt hours (GWh) of battery storage projects across six continents since 2009.

As of 31 March 2024, the company’s development pipeline includes 26GW of solar and 56GWh of storage globally, with 11GW of solar and 15GWh of storage projects already interconnected.

By 2026, Recurrent Energy anticipates having 4GW of solar and 2GWh of storage operational within the US and Europe.