US-based Recurrent Energy, a subsidiary of Canadian Solar Inc., has announced the completion of a $500 million investment from BlackRock’s Climate Infrastructure fund. According to Recurrent Energy, the deal, initially announced in January 2024, concluded after receiving the final payment, adding to the first tranche in June 2024. This investment gives BlackRock a 20% stake in Recurrent Energy’s outstanding shares. Canadian Solar retains the majority ownership. As per Recurrent Energy, the funding will accelerate its shift from a developer to a long-term owner and operator in key markets, including the US and Europe. Recurrent Energy claims this transition will enhance stable, long-term revenue. Recurrent Energy has developed over 11 GW of solar projects and 3.7 GWh of storage since 2009.
BlackRock completes $500M investment in Recurrent Energy
BlackRock’s investment represents 20% of Recurrent Energy’s shares, while Canadian Solar retains the majority stake. (Image Source: Recurrent Energy)
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