{"id":1529,"date":"2024-10-16T10:00:00","date_gmt":"2024-10-16T01:00:00","guid":{"rendered":"https:\/\/canadiansolar-energy.co.jp\/en\/news_release\/?p=1529"},"modified":"2024-10-15T12:00:22","modified_gmt":"2024-10-15T03:00:22","slug":"recurrent-energy-announces-closing-of-500-million-investment-from-blackrock","status":"publish","type":"post","link":"https:\/\/canadiansolar-energy.co.jp\/en\/news_release\/2024\/1529.html","title":{"rendered":"Recurrent Energy Announces Closing of $500 Million Investment from BlackRock"},"content":{"rendered":"\n

NEW YORK and GUELPH, Ontario, Oct. 3, 2024 \/PRNewswire\/ — Recurrent Energy<\/a>, a subsidiary of Canadian Solar Inc.<\/a> (“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”).<\/p>\n\n\n\n

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The transaction, announced in\u00a0January 2024, has been completed following the receipt of the second and final payment. The first payment took place in\u00a0June 2024. As agreed between the parties, BlackRock’s total investment has reached\u00a0$500 million, representing 20% of the outstanding fully diluted shares of Recurrent Energy on an as-converted basis.\u00a0Canadian Solar\u00a0will continue to own the remaining majority shares of Recurrent Energy.<\/p>\n\n\n\n

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This milestone enables Recurrent Energy to advance investment in its high value project development portfolio, supporting its strategic transition from a pure developer\u00a0to a developer plus long-term owner and operator in select markets including the\u00a0U.S.\u00a0and\u00a0Europe. 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.<\/p>\n\n\n\n

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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 11 gigawatts (GWp) of operating utility-scale solar projects and 3.7 gigawatt hours (GWh) of energy storage projects across six continents since 2009.<\/p>\n\n\n\n

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Ismael Guerrero, CEO of Recurrent Energy,<\/strong>\u00a0said, “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.”\u00a0<\/p>\n\n\n\n

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David Giordano, Global Head of Climate Infrastructure, BlackRock<\/strong>, 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 at utility scale in critical, fast-growing markets. We are eager to collaborate, contributing our expertise to shape a top global independent power producer.”<\/p>\n\n\n\n

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For more information, please refer to Form 6-K filed with the\u00a0Securities and Exchange Commission\u00a0on\u00a0January 23, 2024\u00a0regarding this investment in connection with the initial transaction announcement.<\/p>\n\n\n\n

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About Recurrent Energy:
<\/strong>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 wholly owned subsidiary of Canadian Solar Inc.\u202fand function as Canadian Solar’s global development and power services business. Recurrent Energy has completed the development of 11 gigawatts (GWp) of operating utility-scale solar projects and 3.7 gigawatt hours (GWh) of energy storage projects across six continents. Recurrent Energy has more than 26 GWp of solar and 56 GWh of battery storage projects under development.<\/p>\n","protected":false},"excerpt":{"rendered":"

NEW YORK and GUELPH, Ontario, Oct. 3, 2024 \/PRNewswire\/ — Recurrent Energy, a s […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"class_list":["post-1529","post","type-post","status-publish","format-standard","hentry","category-releases"],"_links":{"self":[{"href":"https:\/\/canadiansolar-energy.co.jp\/en\/news_release\/wp-json\/wp\/v2\/posts\/1529","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/canadiansolar-energy.co.jp\/en\/news_release\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/canadiansolar-energy.co.jp\/en\/news_release\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/canadiansolar-energy.co.jp\/en\/news_release\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/canadiansolar-energy.co.jp\/en\/news_release\/wp-json\/wp\/v2\/comments?post=1529"}],"version-history":[{"count":2,"href":"https:\/\/canadiansolar-energy.co.jp\/en\/news_release\/wp-json\/wp\/v2\/posts\/1529\/revisions"}],"predecessor-version":[{"id":1531,"href":"https:\/\/canadiansolar-energy.co.jp\/en\/news_release\/wp-json\/wp\/v2\/posts\/1529\/revisions\/1531"}],"wp:attachment":[{"href":"https:\/\/canadiansolar-energy.co.jp\/en\/news_release\/wp-json\/wp\/v2\/media?parent=1529"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/canadiansolar-energy.co.jp\/en\/news_release\/wp-json\/wp\/v2\/categories?post=1529"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/canadiansolar-energy.co.jp\/en\/news_release\/wp-json\/wp\/v2\/tags?post=1529"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}