Solar and storage developer and asset owner Recurrent Energy, a subsidiary of Canadian Solar, has announced the acquisition of a solar energy portfolio in the town of Carmona in the province of Seville. Comprising four projects, Rey I, II, III and IV, it has a total capacity of over 420 MWp.

All four projects are currently under construction and will be equipped with bifacial TOPCon (tunnel oxide passivated contact) modules manufactured by Canadian Solar. The output of this portfolio will be around 916,000 MWh per year when commissioned.

High-value opportunities
Recurrent Energy CEO Ismael Guerrero, explained, “The acquisition of this solar portfolio reflects our commitment to grow our assets both in Spain and around the world. While our objective is to strategically grow our development portfolio and assets under management through greenfield development, we are still seeking out high-value acquisition opportunities. We are delighted to add the Rey projects to our growing portfolio.”

Recurrent Energy currently has projects in Spain that are at different stages of development. This year, it expects to start construction of new solar projects in Spain, which will add a total capacity of 1 GWp to its portfolio.

Five hundred million euros in liquidity
With the aim of financing operations such as those planned in Spain, Recurrent Energy has announced the commitment of the US investment company BlackRock to invest 500 million euros in the Canadian company in exchange for 20% of its capital. Canadian Solar will retain the remaining 80% of the shares.

The investment will provide Recurrent Energy with the liquidity to grow its renewables portfolio and support its strategy to transition from a pure developer role to that of a long-term owner-developer and operator in selected markets. Its goal is to reach a portfolio of 4 GW of solar energy and 2 GWhof storage in operation in the United States and Europe by 2026.

Canadian Solar President and CEO Shawn Qu explained, “The capital injection from our partner BlackRock, which is also Canadian Solar's largest institutional investor, will provide the necessary resources to further expand Recurrent Energy's platform and meet record demand for clean energy around the world”.

^{Photo: Recurrent Energy}