Recurrent Energy, a subsidiary of Canadian Solar (CSIQ), announced the initial closing and funding of an investment in Recurrent Energy’s platform by BlackRock (BLK) through a fund managed by its Climate Infrastructure business. The initial closing of the transaction, first announced in January 2024, was contingent on requisite regulatory approvals and other conditions, which have now been met. The initial closing represents the majority of the planned capital infusion. Once the transaction is fully complete, BlackRock’s $500 million 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.
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