BlackRock agrees to invest $500 million in Canadian solar unit

0
183

Recurrent Energy, part of Canadian Solar, has obtained a $500 million investment commitment from BlackRock’s Climate Infrastructure Fund. Recurrent Energy will have 20 per cent of its capital made up of preferred equity investments, which are convertible into common stock. Canadian Solar will hold the remaining capital. Recurrent Energy will be able to construct more projects thanks to BlackRock’s funding, especially in the US and Europe. The proceeds will be used by the company to transition from solely developing projects to also owning and operating them long-term.

The shift is designed to diversify Recurrent Energy’s portfolio, stabilise revenue streams and enhance value retention within its project development pipeline. Recurrent energy has a substantial presence in the utility-scale solar and energy storage sectors. It has developed, financed and constructed 9 GW of solar and 3 GWh of battery storage power plants globally since 2009.

Earlier this month, Recurrent Energy completed the sale of the Mannum battery energy storage system (BESS) project to Epic Energy, an owner and operator of energy infrastructure. Recurrent Energy sold its third energy infrastructure project, the 100 MW/200 MWh Mannum project, to Epic Energy, located in South Australia.

Previous articleCoal India Shares Gain After Cabinet’s Nod to Set Up Coal Gasification Project with GAIL and BHEL
Next articleNew Delhi-based Divine Power Energy Limited files DRHP with NSE Emerge

LEAVE A REPLY

Please enter your comment!
Please enter your name here