(Utility Dive) Dive Brief:
- BlackRock has agreed to pour $500 million into Recurrent Energy, a utility-scale solar and energy storage project developer, for a 20% stake in a bid to expand its renewable energy portfolio. The transaction marks the inaugural investment for BlackRock’s fourth climate infrastructure fund, which the asset manager launched last year.
- The investment will allow Recurrent to grow its project development pipeline and transition into being a developer and long-term owner and operator of assets in markets including the United States and Europe. The company is a subsidiary of Canadian Solar, which will continue to be Recurrent’s majority shareholder.
- Recurrent said it has a development pipeline of 26 GW in solar and 55 GWh in storage as of September, and expects to have 4 GW of solar and 2 Gwh of storage in operation in the U.S. and Europe by 2026.
