The capital stack for the facility includes $484 million in debt financing, led by MUFG and Nord/LB, alongside a $211 million tax equity investment from Wells Fargo. This funding covers construction and term loans, as well as necessary credit facilities to support the project through its operational launch. Blattner Energy has been tapped to oversee the engineering, procurement, and construction phases.
Recurrent Energy Secures $695 Million for California Solar Project
Recurrent Energy has finalized a $695 million financing package to advance its 330 MW Cobalt Solar facility in Riverside County, California. The project, currently under construction 20 miles west of Blythe, represents a significant expansion of renewable infrastructure aimed at meeting rising regional electricity demand by late 2027.
Beyond generating enough power to supply approximately 82,000 homes annually, the project is structured to provide long-term economic support to Riverside County. Local officials expect the development to contribute roughly $14 million in property tax revenues over its operational lifespan. Recurrent Energy, a subsidiary of Canadian Solar, continues to scale its utility-scale portfolio as it transitions toward becoming a long-term owner and operator of clean energy assets across the United States.
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