Recurrent Energy Secures $500 Million Investment from BlackRock's Climate Infrastructure Fund

Recurrent Energy, a subsidiary of Canadian Solar Inc and developer of solar and energy storage assets, announced the completion of a $500 million investment deal with BlackRock’s Climate Infrastructure fund.

The final closing of the transaction, initially announced in January 2024, follows the receipt of the second and final payment.

As a result of this investment, BlackRock now owns 20% of Recurrent Energy, with Canadian Solar holding the majority share.

Ismael Guerrero, the CEO of Recurrent Energy, said, “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 of 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.”

The financial backing enables Recurrent Energy to transition from developing solar projects to being a long-term owner and operator in important markets like the US and Europe.

This shift is anticipated to give the firm consistent long-term revenue and enable it to extract more value from its international portfolio of renewable energy projects.

Since 2009, Recurrent Energy has created 3.7 gigawatt hours (GWh) of energy storage projects and over 11 gigawatts (GWp) of utility-scale solar projects spanning six continents.

With this new investment, the company can increase its presence in the renewable energy industry.