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FINWIRES

Recurrent Energy Secures $695 Million Financing for California Solar Project

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Recurrent Energy, a unit of Canadian Solar (CSIQ), said on Thursday it had closed $695 million in project financing and tax equity for its 330-megawatt Cobalt Solar project in California.

The project, located about 20 miles west of Blythe in Riverside County, is under construction and is projected to begin commercial operations by the end of 2027.

The financing package includes about $484 million in debt led by Mitsubishi UFJ Financial Group and Nord. It comprises construction and term loans, a tax equity bridge loan and a letter of credit facility.

Recurrent Energy also secured a $211 million tax equity investment from Wells Fargo.

The project is being built by Blattner Energy, which has been appointed as the engineering, procurement and construction contractor.

Cobalt Solar is projected to generate enough electricity to power the equivalent of about 82,000 homes annually once operational, Recurrent Energy said.

The project is also expected to generate about $14 million in property tax revenue for Riverside County, providing an economic boost to the local community.

Price: $15.38, Change: $-0.34, Percent Change: -2.16%

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