Recurrent Energy secures $695 million for California solar project

Recurrent Energy, a subsidiary of Canadian Solar Inc., has secured $695 million in project financing and tax equity for the 330 MW Cobalt Solar project in Riverside County, California. The facility is located approximately 20 miles west of Blythe and is currently under construction.

The financing structure includes a $484 million debt package led by Mitsubishi UFJ Financial Group (MUFG) and Nord/LB, consisting of construction and term loans, a tax equity bridge loan, and a letter of credit facility. Additionally, Wells Fargo’s Renewable Energy & Environmental Finance group provided a $211 million tax equity investment.

Blattner Energy has been appointed as the engineering, procurement, and construction (EPC) provider. The project is scheduled to reach commercial operation by late 2027 and is expected to generate enough electricity to power roughly 82,000 homes annually. The development is also projected to contribute approximately $14 million in property tax revenues to Riverside County.