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Canadian Solar Lands $500 Million From BlackRock

January 31, 2024
x min read

BlackRock has made a big new bet on a publicly traded solar company.

What’s happening:

  • Guelph, Ontario based solar technology and renewable energy company Canadian Solar (NASDAQ: CSIQ) has announced that they have landed $500M USD of capital from BlackRock for their subsidiary Recurrent Energy
  • The new capital will come from a fund managed by the Climate Infrastructure arm of BlackRock

Why it matters:

  • Solar energy infrastructure and adoption is rapidly accelerating globally as more countries begin to deepen their commitment to renewable energy and net zero emissions
  • The fresh funding from BlackRock will accelerate Recurrent Energy’s plans to go from a pure renewable energy project developer to a project developer and owner

By the numbers:

  • BlackRock will own 20% of Recurrent Energy through their preferred equity investment
  • Canadian Solar will continue to own the majority of Recurrent Energy
  • Recurrent Energy currently has financed and developed 9 gigawatts of solar and 3 gigawatt hours of energy storage systems
  • Recurrent Energy has renewable energy projects in 6 continents globally

Market reaction:

  • Shares of Canadian Solar are up more than +15% following the announcement

Going deeper:

  • Canadian Solar has also recently been selected to build out multiple notable battery storage projects in Australia and the United Kingdom
  • Canadian Solar currently has two new production facilities under construction in the United States, for both solar cell manufacturing and for solar PV module production

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