NEW YORK and GUELPH, ON, June 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 initial closing and funding of an investment in Recurrent Energy‘s platform by BlackRock through a fund managed by its Climate Infrastructure business (“BlackRock”). The initial closing of the transaction, first announced in January 2024, was contingent on requisite regulatory approvals and other conditions, which have now been met.

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.

This 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.

Recurrent 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 10 GWp of solar power projects and 3.3 GWh of battery energy storage projects on six continents since 2009.

As of March 31, 2024, Recurrent Energy had a global project development pipeline of 26 GW in solar and 56 GWh in storage, of which 11 GW and 15 GWh respectively are projects with interconnections. Recurrent Energy expects to have 4 GW of solar and 2 GWh of storage in operation in the U.S. and Europe by 2026.

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.”

David Giordano, Global Head of Climate Infrastructure, BlackRock, added, “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.  We look forward to combining our strengths and expertise to build a leading, global independent power producer.”

For more information, please refer to Form 6-K filed with the Securities and Exchange Commission on January 23, 2024 regarding this investment in connection with the initial transaction announcement.

About Recurrent Energy

Recurrent Energy is one of the world’s largest and most geographically diversified utility-scale solar and energy storage project development, ownership and operations platforms, with an industry-leading team of in-house energy experts. Recurrent Energy is a subsidiary of Canadian Solar Inc. Additional details are available at www.recurrentenergy.com.