Recurrent Energy, a global solar and energy storage assets developer under Canadian Solar, discloses a significant milestone as BlackRock invests $500 million through its Climate Infrastructure fund. The investment, a preferred equity commitment convertible into common equity, amounts to 20% of Recurrent Energy’s diluted shares. Post-closure, Canadian Solar will retain the majority of shares.
This infusion of capital is earmarked to bolster Recurrent Energy’s project development pipeline. The strategic shift from a pure developer to a long-term owner and operator in key markets, including the U.S. and Europe, is a core aspect. The company anticipates a more diversified portfolio, ensuring stable, long-term revenue in low-risk currencies.
As of September 2023, Recurrent Energy boasts a global development pipeline of 26 GW in solar and 55 GWh in storage. The projection for 2026 includes having 4 GW of solar and 2 GWh of storage operational in the U.S. and Europe. The transaction scope spans several countries, excluding Japanese and Chinese operations and specific assets in Latin America and Taiwan.
Ismael Guerrero, CEO of Recurrent Energy, expresses gratitude for BlackRock’s support. The investment aligns with the company’s vision of leading the global renewable energy transition. Guerrero emphasizes Recurrent Energy’s mission to deliver clean, reliable, and affordable power worldwide.
The article concludes by highlighting the surging global solar capacity, projected to nearly triple between 2022 and 2027. Renewable energy growth, particularly in the U.S. and Europe, is propelling the demand for energy storage. Wood Mackenzie forecasts global cumulative energy storage deployments exceeding 1,000 GWh by 2030.
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By Ravi Kumar
