Canadian Solar recently announced that its subsidiary, Recurrent Energy—a leading global developer and owner of solar and energy storage projects—has secured a $500 million investment from BlackRock, sourced from BlackRock’s Climate Infrastructure Fund.
The deal, initially announced in January 2024, saw BlackRock complete its first investment in June 2024. With the second tranche now finalized, BlackRock holds a 20% equity stake in Recurrent Energy on a diluted, converted basis. Canadian Solar retains the majority of Recurrent Energy’s remaining shares.
This milestone investment will enable Recurrent Energy to continue developing high-quality projects globally and support its strategic shift from being purely a project developer to becoming a long-term asset owner in key markets like the U.S. and Europe. This transition aims to diversify its portfolio and generate stable, low-risk long-term revenues by retaining more value during the development phase.
Recurrent Energy is one of the largest developers of solar and energy storage projects globally, with operations across six continents. Since 2009, the company has developed and completed over 11 GW of solar PV projects and 3.7 GWh of energy storage projects.
