Recurrent Energy, the independent power producer subsidiary of Canadian Solar, has closed a $695 million financing package to support construction of a 330-megawatt solar photovoltaic facility in Riverside County, California.

Project and Financing Overview

The Cobalt Solar facility is the focal point of the capital raise, which combines project financing and tax equity. The $695 million package represents one of the larger single-project financing transactions in the California solar sector in recent memory. Recurrent Energy serves as the project developer and will oversee the facility through completion.

Construction and Timeline

The Cobalt Solar project is currently under construction in Riverside County. According to available details, the facility is scheduled to reach commercial operation by late 2027. Riverside County sits in Southern California's Inland Empire region, an area that has attracted utility-scale solar development owing to available land and high solar irradiance levels.

Company Background

Recurrent Energy operates as an IPP under the broader corporate umbrella of Canadian Solar, a company active across solar manufacturing, development, and energy storage globally. The Cobalt Solar project reflects continued capital deployment by Canadian Solar's development arm into the California market, where the state's aggressive renewable energy mandates have sustained demand for large-scale generation assets.