BlackRock invests $500 million in Recurrent Energy towards clean energy transition
Recurrent Energy, a subsidiary of Canadian Solar Inc., announced the initial closing and funding of an investment in its platform by BlackRock through a fund managed by its Climate Infrastructure Business.
In a press release, Canadian Solar said, “The initial closing represents the majority of the planned capital infusion. Once the transaction is fully complete, BlackRock’s $500 million 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.”
Read more: Recurrent Energy secures $500 million investment commitment from BlackRock
This deal enables Recurrent Energy to advance investment in its high-value project development portfolio. It will also support its strategic transition from a pure developer to a long-term owner and operator in select markets such as the US and Europe.
Ismael Guerrero, CEO of Recurrent Energy, said, “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.”
The press release adds that the company’s transition will help generate more stable long-term revenue in low-risk currencies and capture greater value from its diversified global project development pipeline.
David Giordano, Global Head of Climate Infrastructure, BlackRock, said, “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.”
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