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Recurrent Energy has secured a $500 million (€461 million) equity investment from funds managed by BlackRock’s climate infrastructure business to support the growth of its global renewable energy platform.
Recurrent Energy said that this investment represents 20% of the fully diluted outstanding shares of its business on a conversion basis, and that Canadian Solar, Recurrent Energy’s parent company, will retain the remaining majority stake in Recurrent Energy after the transaction. He said he would continue to hold the stock.
Recurrent Energy is a diversified utility-scale solar and energy storage project development platform that has commissioned, developed and financed approximately 9GWp of solar power and 3GWh of battery storage power plants across six continents since 2009. We have a track record of procurement and construction.
As of September 30, 2023, the company has a global development pipeline of 26 GW of solar power and 55 GWh of energy storage, of which 13 GW and 12 GWh are interconnected projects, respectively.
This capital injection will enable Recurrent Energy to accelerate project development and transition to ownership and operation of projects in key markets such as the United States and Europe.
said Sean Khoo, Chairman and CEO of Canadian Solar. “We began our global energy development business in 2009 and have since strategically grown Recurrent Energy as Canadian Solar’s premier renewable energy platform, leading the way in initial energy development, financing and construction. They have blazed new trails – solar power and energy storage projects like theirs.
“We are currently at an inflection point in the growth of renewable energy. The capital injection from our partner BlackRock, which is also Canadian Solar’s largest institutional investor, will further expand our recurrent energy platform. and provide the resources needed to meet record demand for clean energy electricity around the world.”
Ismael Guerrero, CEO of Recurrent Energy, said: “In response to massive global demand for renewable energy, he has the support of BlackRock, one of the world’s largest and most sophisticated renewable energy investors, as he expands Recurrent Energy. We are pleased to be able to provide energy storage solutions.
“This investment supports our growth and continued ambition to make a difference by leading the transition to renewable energy around the world. Our mission is to provide the world with highly resilient and affordable electricity, and this milestone will help us continue to achieve this goal.”
David Giordano, global head of climate infrastructure at BlackRock and CIO of Transition Capital, said: We believe this partnership will help us realize the full potential of Recurrent Energy’s leading renewable energy project development platform.
“Recurrent Energy represents our strategy to invest in major renewable generation assets and transition-enabling infrastructure, and is the first investment commitment in the fourth vintage of BlackRock’s climate infrastructure fund franchise. I am happy to be able to do this.”
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