Canadian Solar subsidiary Recurrent Energy has secured a $500 million preferred equity investment commitment, convertible into common equity, from BlackRock through a fund managed by its Climate Infrastructure business.
The 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 development pipeline while executing its strategy to transition from a pure developer to a developer plus long-term owner and operator in select markets.
“We are delighted to have the support of BlackRock, one of the largest and most sophisticated renewable energy investors in the world, as we scale Recurrent Energy in response to massive global demand for renewable energy and energy storage solutions,” says Recurrent Energy CEO Ismael Guerrero. “This investment will support our growth and continued ambition to make a difference by leading the renewable energy transition across the world.”
As of September, Recurrent Energy had a global development pipeline of 26 GW in solar and 55 GWh in storage.
BofA Securities, Inc. and Banco Santander, S.A. acted as financial advisors to Canadian Solar.
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Recurrent Energy Announces $500 Million BlackRock Capital Commitment
I encourage readers to check out this tongue-in-cheek ad for plant-based meat.
There is a maxim in marketing warning against “promoting the enemy line,” this is so clever, I can see where it could be quite effective.
As we all know, the GOP will stop at nothing to win the midterms, thus making it impossible to remove the sociopathic criminal from the White House.
But did any of us see this coming?
Macabre.
I just met a woman who’s been a flight attendant for Delta Airlines since the early 1990s, who laments that her company has been ruined by corporate greed, which has trashed so many other things in our lives.
As it turns out, the CEO makes more than $20 million per year, largely based on bonuses associated with cutting costs. “Now we have tray tables that don’t work and seatbacks that don’t recline, and nobody even thinks about fixing them.”
She went on, “This shift has been particularly obvious in the case of Delta, which, when I started with them, was known for its southern charm and the feeling of welcoming its passengers. Now, that gone. It’s like it never existed.”
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