BlackRock Boosts Renewable Power with $500M Investment in Canadian Solar

• BlackRock's $500 million investment in Canadian Solar's Recurrent Energy unit will boost renewable power and energy storage projects in the US and Europe, aligning with BlackRock's alternative asset ambitions. Canadian Solar shares surged 21% on the news.

BlackRock has agreed to invest $500 million in Canadian Solar's Recurrent Energy unit, as the asset manager increases its focus on renewable power and energy storage. The investment will help Recurrent Energy expand its project development pipeline and transition into a developer and long-term owner and operator of assets in markets including the US and Europe. The deal aligns with BlackRock's ambitions to become a player in the growing market for alternative assets. Canadian Solar shares jumped as much as 21% following the announcement.

Recurrent Energy currently has a development pipeline of 26 gigawatts in solar and 55 gigawatt-hours in storage. The BlackRock investment will exclude Recurrent Energy's project development business in Japan and China, as well as some assets in Latin America. Canadian Solar, founded in 2001, has operations in over 30 countries and holds a majority stake in Shanghai-listed CSI Solar Ltd. Bank of America and Banco Santander advised Canadian Solar on the deal.

How will BlackRock's $500 million investment in Canadian Solar's Recurrent Energy unit impact the solar industry?

• The $500 million investment from BlackRock in Canadian Solar's Recurrent Energy unit will have a significant impact on the solar industry.
• The investment will provide Recurrent Energy with the necessary funds to expand its project development pipeline and transition into a developer and long-term owner and operator of assets in markets such as the US and Europe.
• This expansion will contribute to the growth of the solar industry by increasing the availability of renewable energy projects and assets.
• The deal aligns with BlackRock's ambitions to become a major player in the alternative assets market, further highlighting the increasing interest and investment in renewable power and energy storage.
• The announcement of the investment has already had a positive effect on Canadian Solar's shares, with a jump of up to 21% following the news.
• Recurrent Energy currently has an impressive development pipeline of 26 gigawatts in solar and 55 gigawatt-hours in storage, indicating the potential for significant growth and impact in the industry.
• It is worth noting that the BlackRock investment will exclude Recurrent Energy's project development business in Japan and China, as well as some assets in Latin America, suggesting a strategic focus on specific markets.
• Canadian Solar, with operations in over 30 countries and a majority stake in Shanghai-listed CSI Solar Ltd, is well-positioned to leverage this investment and further expand its presence in the global solar industry.
• The involvement of Bank of America and Banco Santander as advisors on the deal highlights the significance and credibility of the investment, further boosting confidence in the solar industry.