Recurrent Energy, a subsidiary of Canadian Solar Inc., has secured USD 695 million in project financing and tax equity for its Cobalt Solar facility, a 330-megawatt solar project currently under construction approximately 20 miles west of Blythe, California, in Riverside County. The financing close marks a significant milestone for one of the larger utility-scale solar developments presently underway in the United States.

Structure of the Financing Package

The total capital raise is divided into two primary components. The debt financing package accounts for approximately USD 484 million and was co-led by Mitsubishi UFJ Financial Group, Inc., known as MUFG, and Nord/LB.

That package combines construction and term loans, a tax equity bridge loan, and a letter of credit facility. Separately, Recurrent Energy secured a USD 211 million tax equity investment from Wells Fargo, bringing the overall financing total to USD 695 million.

Fred Zelaya, Managing Director at MUFG, said the bank is pleased to support Recurrent Energy as the company strives to meet the growing energy demands of the United States, adding that MUFG values the opportunity to help augment large-scale renewable energy infrastructure and power capacity.

Sondra Martinez, Managing Director at Nord/LB, described the transaction as a reflection of the strength of the partnership between Nord/LB and its long-standing client, and said the closing underscores a shared commitment to advancing reliable clean energy infrastructure.

Jordan Newman, Managing Director with Wells Fargo Renewable Energy and Environmental Finance, said the bank is pleased to support Recurrent Energy with tax equity financing for the Cobalt Solar Project and expressed pride in continuing what he described as a long-standing relationship as the company expands its renewable energy activity in California.

Project Details and Timeline

Cobalt Solar is fully permitted and currently under construction. The project is expected to reach commercial operation by the end of 2027. Blattner Energy has been appointed as the engineering, procurement, and construction provider for the facility.

Once operational, the project is expected to generate enough electricity to power the equivalent of approximately 82,000 homes per year. The facility is also projected to deliver approximately USD 14 million in property tax revenues to Riverside County, providing a direct economic benefit to the local community beyond its contribution to clean energy generation.

Dylan Marx, Chief Executive Officer of Recurrent Energy, said the company is thrilled to close the project financing and ramp up construction of Cobalt Solar. Marx described the project as a significant addition to the United States' energy landscape that will contribute meaningfully to meeting the country's growing electricity demand. He expressed appreciation for the continued support and collaboration of MUFG, Nord/LB, and Wells Fargo in bringing the initiative forward.

Recurrent Energy's Broader Platform

Recurrent Energy operates as Canadian Solar's global development and power services business. The company states it has successfully developed, built, and connected 12 gigawatts-peak of solar projects and more than 5 gigawatt-hours of energy storage projects across six continents.

As of September 30, 2025, its global pipeline includes approximately 23 gigawatts-peak of solar power and 73 gigawatt-hours of energy storage capacity. The company also maintains over 14 gigawatts of solar and energy storage projects under operations and maintenance contracts. Those figures exclude China.

Canadian Solar's Scale and History

Canadian Solar, which is listed on the NASDAQ under the ticker symbol CSIQ and headquartered in Kitchener, Ontario, was founded in 2001. The company describes itself as one of the world's largest solar technology and renewable energy companies. Over the past 24 years, Canadian Solar has delivered nearly 170 gigawatts of solar photovoltaic modules to customers across the world.

Through its subsidiary e-STORAGE, Canadian Solar has shipped over 16 gigawatt-hours of battery energy storage solutions to global markets as of September 30, 2025, with a contracted backlog of USD 3.1 billion as of October 31, 2025.

Since entering the project development business in 2010, Canadian Solar has developed, built, and connected approximately 12 gigawatts-peak of solar power projects and 6 gigawatt-hours of battery energy storage projects globally.

Its project development pipeline includes 25 gigawatts-peak of solar and 81 gigawatt-hours of battery energy storage capacity in various stages of development.

Context for the Cobalt Solar Financing

The Cobalt Solar financing comes as utility-scale solar development continues to attract substantial institutional capital in the United States. The involvement of major financial institutions, including MUFG, Nord/LB, and Wells Fargo across both the debt and tax equity portions of the transaction reflects the multi-party structuring that has become standard for large renewable energy projects seeking to monetize federal tax incentives alongside traditional project debt.

The project's location in Riverside County, in the desert region of Southern California, places it within an area that has hosted several utility-scale solar developments given its solar resource characteristics and proximity to California's transmission infrastructure.

The 330-megawatt capacity of Cobalt Solar positions it as a substantial contributor to California's renewable energy supply once it enters commercial operation, which Recurrent Energy has targeted for the end of 2027.

Powering Smarter Decisions Across the United States Energy Landscape

How much project intelligence are you leaving on the table? For firms operating in the power sector, timing is everything, and the difference between winning and losing often comes down to who had the right information first.

The Global Project Tracking (GPT) platform by Blackridge Research gives power industry professionals a structured, continuously updated view of energy infrastructure activity across the United States, from early-stage development through to project completion. Whether you are focused on generation, transmission, or distribution, the platform is built to keep your pipeline decisions grounded in real data.

From renewable energy installations to grid modernization efforts reshaping the United States power network, the GPT platform ensures your team is never caught off guard by market movements or missed opportunities.

• Upcoming Projects

• Tender Notices

• Contract Awards

• Projects Under Construction

• Completed Projects

See how the Global Project Tracking (GPT) platform by Blackridge Research can sharpen your strategy in the United States power market. Book a Free Demo with our team today.