Recurrent Energy, a subsidiary of Canadian Solar Inc. and a global leader in solar and energy storage development, has announced the final closure of a $500 million investment by BlackRock, through its Climate Infrastructure business.
The transaction, initially announced in January 2024, was completed after receiving the second and final payment, following the first installment in June 2024. BlackRock’s total investment now stands at $500 million, giving it a 20% stake in Recurrent Energy’s fully diluted shares on an as-converted basis. Canadian Solar retains the majority ownership.
This investment marks a significant milestone, enabling Recurrent Energy to accelerate its strategic shift from solely a project developer to also becoming a long-term owner and operator in key markets such as the US and Europe. This transition will provide more stable, long-term revenue streams in low-risk currencies, maximising value from its diversified global project pipeline.
Recurrent Energy is one of the largest clean energy developers globally, with a proven track record of delivering over 11 gigawatts (GWp) of utility-scale solar projects and 3.7 gigawatt hours (GWh) of energy storage projects across six continents since 2009.
Ismael Guerrero, CEO of Recurrent Energy said, “We value our partnership with BlackRock and appreciate their commitment. This strategic partnership positions Recurrent Energy at the forefront of the renewable energy industry, providing the financial strength necessary to continue developing key solar and energy storage projects globally, while also supporting our mission to deliver clean, reliable, and affordable power to the world, today and tomorrow.”
David Giordano, Global Head of Climate Infrastructure, BlackRock added, “With this investment from BlackRock’s Climate Infrastructure Global Renewable Power Fund IV, Recurrent Energy is well-positioned to accelerate the growth of its solar and battery storage projects at utility scale in critical, fast-growing markets. We are eager to collaborate, contributing our expertise to shape a top global independent power producer.”