BlackRock’s climate infrastructure business has funneled a $500 million preferred equity investment commitment into Recurrent Energy, a subsidiary of Canadian Solar and a global developer and owner of solar and energy storage assets.
The commitment, which is convertible into common equity, was made to Recurrent Energy B.V. The investment will represent 20 percent 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 after the closing of the investment.
Recurrent Energy is one of the world’s largest and most geographically diversified utility-scale solar and energy storage project development platforms. The company has a strong track record of responsibly originating, developing, financing and building around 9 gigawatts peak of solar and 3 gigawatt-hours of battery storage power plants across six continents since 2009.
As of Sept. 30, 2023, R
