Business
Recurrent Energy Announces Closing of $500 Million Investment from BlackRock
NEW YORK and GUELPH, Ontario, Oct. 3, 2024 /PRNewswire/ -- Recurrent Energy, a subsidiary of Canadian Solar Inc. ("Canadian Solar") (NASDAQ: CSIQ) and a
About this update from Canadian Solar Inc.
[{"type":"text","content":"NEW YORK and GUELPH, Ontario, Oct. 3, 2024 /PRNewswire/ -- Recurrent Energy, a subsidiary of Canadian Solar Inc. (\"Canadian Solar\") (NASDAQ: CSIQ) and a global developer, owner, and operator of solar and energy storage assets, announced today the final closing of a $500 million investment in Recurrent Energy by BlackRock through a fund managed by its Climate Infrastructure business (\"BlackRock\").\n\nThe transaction, announced in January 2024, has been completed following the receipt of the second and final payment. The first payment took place in June 2024. As agreed between the parties, BlackRock's total investment has reached $500 million, representing 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.\nThis milestone enables Recurrent Energy to advance investment in its high value project development portfolio, supporting its strategic transition from a pure developer to a developer plus long-term owner and operator in select markets including the U.S. and Europe. This transition will allow Recurrent Energy to generate more stable long-term revenue in low-risk currencies and capture greater value from its diversified global project development pipeline.\nRecurrent Energy is one of the world's largest clean energy project development platforms with a strong and established track record, having developed, built, and connected over 11 gigawatts (GWp) of operating utility-scale solar projects and 3.7 gigawatt hours (GWh) of energy storage projects across six continents since 2009.\nIsmael Guerrero, CEO of Recurrent Energy, said, \"We value our partnership with BlackRock and appreciate their commitment. 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.\" \nDavid Giordano, Global Head of Climate Infrastructure, 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 ...