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
A couple of months ago, I happened to ask a friend who had emigrated from Sweden if she was religious. “No!” she exclaimed. “Almost no one in Sweden is religious.”
As we see at left, there seems to be a huge correlation between atheism and the national level of happiness. But what causes that?
Are believers unhappy people for some reason? That doesn’t make sense.
Here’s my two-fold theory. Atheists believe:
a) That we only live once, so we try to enjoy it while we can.
And, more importantly,
b) That we need to take care of one another (since there is no God). We’re willing to make sacrifices if that means things like great education, universal healthcare, environmental responsibility, tolerable working conditions, and near-zero poverty.
Renewable Energy
From the Independent: “Trump Administration to Pay Two More Companies to Walk Away from U.S. Offshore Wind Leases”
From this article in The Independent:
The Trump administration announced two more payouts Monday for energy companies to walk away from U.S. offshore wind projects under development.
Bluepoint Wind and Golden State Wind have agreed to end their offshore wind leases in exchange for reimbursements totaling nearly $900 million. Both companies have decided not to pursue any new offshore wind projects in the United States, the Interior Department announced Monday.
Bluepoint Wind is an offshore wind project in the early stages of development off the coasts of New Jersey and New York, while Golden State Wind is a floating offshore wind project proposed off California’s central coast.
Trump is hellbent on destroying the renewable energy industry so as to benefit his billionaire friends in fossil fuels.
He’s on course to be remembered as the most destructive person in world history, with the possible exception of Adolph Hitler.
What is said here about Pete Hegseth is clearly true.
But keep in mind that he’s fiercely loyal to Donald Trump, and Trump couldn’t possibly care what happens to the United States, as long as he can stay out of prison and enrich himself and his family.
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