Canadian Solar subsidiary secures $500M investment from BlackRock

Yesterday, Recurrent Energy, a subsidiary of Canadian Solar (CSIQ), and a global developer and owner of solar and energy storage assets, announced that Recurrent Energy B.V. has secured a $500M preferred equity investment commitment, convertible into common equity, from BlackRock (BLK) through a fund managed by its Climate Infrastructure business. The $500M investment will represent 20% 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. The investment will provide Recurrent Energy with additional capital to grow its project development pipeline while executing its strategy to transition from a pure developer to a developer plus long-term owner and operator in select markets including the U.S. and Europe.