Recurrent Energy, Canadian Solar's subsidiary, announced the initial closing of BlackRock's strategic investment through its Climate Infrastructure business. The transaction, first announced in January 2024, will see BlackRock invest $500 million for a 20% stake in Recurrent Energy upon full completion, while Canadian Solar maintains majority ownership.The investment enables Recurrent Energy to advance its transition from a pure developer to a developer-owner-operator model in key markets like the U.S. and Europe. The company aims to generate stable long-term revenue in low-risk currencies and maximize value from its global project pipeline, which includes 26 GW in solar and 56 GWh in storage projects. By 2026, Recurrent Energy expects to operate 4 GW of solar and 2 GWh of storage capacity in...Show More

Recurrent Energy, Canadian Solar's subsidiary, announced the initial closing of BlackRock's strategic investment through its Climate Infrastructure business. The transaction, first announced in January 2024, will see BlackRock invest $500 million for a 20% stake in Recurrent Energy upon full completion, while Canadian Solar maintains majority ownership.The investment enables Recurrent Energy to advance its transition from a pure developer to a developer-owner-operator model in key markets like the U.S. and Europe. The company aims to generate stable long-term revenue in low-risk currencies and maximize value from its global project pipeline, which includes 26 GW in solar and 56 GWh in storage projects. By 2026, Recurrent Energy expects to operate 4 GW of solar and 2 GWh of storage capacity in the U.S. and Europe.Recurrent Energy has established itself as a major clean energy platform, having developed and connected over 10 GWp of solar projects and 3.3 GWh of battery storage projects across six continents since 2009. The company's current development pipeline includes 11 GW of solar and 15 GWh of storage projects with secured interconnections.