Recurrent Energy B.V. Gets $500 Mln Preferred Equity Investment Commitment From BlackRock

(RTTNews) - Recurrent Energy, a unit of Canadian Solar Inc. (CSIQ), announced that Recurrent Energy B.V. 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. The investment will provide Recurrent Energy with additional capital to grow its project development pipeline.

Canadian Solar noted that it will continue to own the remaining majority shares of Recurrent Energy after the closing of the investment.