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 join those who say that the human race has evolved to be tribal and selfish. We are largely indifferent to the needs of others, and the capitalist society we’ve built has only served to reenforce this.
As Tom Waits observed, “We’re monkeys with money and guns.”
Now, are there some extremely decent and kind people spread around the globe? Of course. But they tend not to be the billionaires who make all the important decisions as to the how our culture will conduct itself.
Well, never is a long time, as they say.
Yet imagine this scenario, which is quite possible:
Trump is impeached and removed. Almost immediately, there is an incredible outpouring of information on an additional set of crimes committed by Trump and his administration. Simultaneously, the U.S. morphs into a social democracy, and its people enjoy quality education, access to healthcare, and prosperity, not unlike those in Northern Europe and elsewhere around the globe.
Yes, there will always be Republicans promising mass deportations and whatever else appeals to a dwindling MAGA base, but I would think they will have one hell of a hard time winning a national election.
The GOP can say the American economy is skyrocketing. But then there’s that nasty little piece of reality that people can’t afford groceries and are suffering financially more generally.
Or they can day that people are suffering financially, but it’s Biden’s fault. Oops. Biden left office 588 days ago.
Or they can say that the war in Iran has driven up gas prices, but that will turn immediately because we’ve won the war. Yikes. What can we say about all these bombs?
Or they can say that all the racial hatred and divisiveness is Obama’s fault. No, that’s problematic, since he’s been gone for almost 10 years.
Trump supporters may not be too sharp, but even they are having trouble accepting all this crap.
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