Recurrent Energy secures $695 million financing for 330 MW Cobalt Solar project in California

Type: Financing · Technology: Solar · Country: United States · Capacity: 330 MW · Value: $695M · Announced: 2026-08-13

Recurrent Energy, a utility-scale solar and energy storage developer and subsidiary of Canadian Solar, closed $695 million in project financing and tax equity to fund the construction of its 330 MW Cobalt Solar facility in Riverside County, California. Located 20 miles west of Blythe, the fully permitted project is under construction with commercial operation targeted for late 2027, expected to generate enough electricity to power approximately 82,000 homes annually. The financing structure includes a $484 million debt package co-led by Mitsubishi UFJ Financial Group (MUFG) and Nord/LB, combining construction and term loans, a tax equity bridge loan, and a letter of credit facility, alongside a $211 million tax equity investment from Wells Fargo’s Renewable Energy & Environmental Finance group. Blattner Energy was appointed as the engineering, procurement, and construction (EPC) provider for the project. The deal is expected to deliver $14 million in property tax revenues to Riverside County, contributing to local economic benefits while advancing Recurrent Energy’s global development pipeline, which totals 23 GWp of solar and 73 GWh of energy storage capacity as of late 2025.

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