Hello avid solar enthusiasts, I’m here today to share some encouraging news from the solar industry. One of our prominent solar companies, Recurrent Energy, an ever-growing developer and owner of solar and energy storage assets, recently secured a powerful $500 million equity investment. The backing, quite notably, comes from BlackRock, the world’s largest asset manager.
The critical point to note here is the impact this investment holds for Recurrent Energy. With this considerable financial boost, Recurrent Energy plans to transition from being just a developer to a developer plus long-term owner and operator of solar arrays for homes and businesses in select markets, primarily in the U.S. and Europe. Over time, this will allow even more people to have access to solar panels for their homes – a big win for both consumers and advocates of clean energy.
The details of the deal reveal that this investment will account for 20% of Recurrent Energy’s fully diluted shares, leaving Canadian Solar, Recurrent’s parent company, still holding the majority of shares. Solar companies are increasingly seeing such investments as an effective way to scale up their operations and meet the world’s rapidly growing clean energy demand.
Such financial backing is a clear validation of the positive direction solar is heading in. Over the years, the renewable energy sector has claimed an ever-growing piece of the overall energy pie – and yet, this is but the tip of the iceberg.
Recurrent Energy represents an excellent example of this growth. With the aid of this investment, they are decisively set to ramp up their project development pipeline. Since 2009, Recurrent Energy reportedly built a commendable 9 GW of solar and 3 GWh of battery storage power plants across six continents.
As we step into the future of energy, the solar industry is set to expand even more. Recurrent Energy’s robust global development pipeline stands at 26 GW for solar and 55 GWh for storage and plans to have 4 GW of solar and 2 GWh of storage in operation in the U.S. and Europe by 2026.
It is truly an exciting time to be a part of the solar revolution, and investments like these inspire significant confidence in the development and adoption of solar panels for our homes. As more solar companies start to receive backing and believe in the future of solar, I encourage you too to consider the enormous potential for solar arrays for your home.
Remember, fellow solar fans, together we are part of the solution steering towards a clean and sustainable future, one panel at a time. Stay tuned for more updates from our radiant solar world.
Original Article: https://pv-magazine-usa.com/2024/01/23/recurrent-energy-secures-500-million-equity-investment-to-further-solar-development/
