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Recurrent Energy secures $695 million in project financing for its Cobalt Solar facility in California. The funding supports the development of a 330 MW solar project expected to operate by late 2027.

RECENTLY ACQUIREDAug 13, 2026•about 3 hours ago

Amount Raised

$695 Million

Round Type

Venture - Series Unknown

AustinEnergyRenewable EnergySolar

Investors

Wells FargoNord/LbMitsubishi Ufj Financial Group, Inc.

Description

Recurrent Energy has successfully closed $695 million in project financing for its Cobalt Solar facility, which is under construction in California. This financing includes approximately $484 million from leading banks and a $211 million tax equity investment from Wells Fargo. The project aims to enhance renewable energy infrastructure and meet growing energy demands. Partnerships with Mitsubishi UFJ Financial Group and Nord/LB reflect a strong commitment to advancing clean energy.

Company Information

Company

Recurrent Energy

Location

Austin, Texas, United States

About

This structure provides Recurrent Energy significant flexibility to execute on its growth plans and accelerate its transition to a develop-to-own model in its core markets in North America and Europe, capturing the full value of the projects developed in low-risk markets. As of the first quarter of 2023, Recurrent Energy has a total global solar PV project pipeline of 25 GWp and 47 GWh of battery storage of which 14 GWp and 12 GWh respectively have interconnections granted, with a large majority of the pipeline being developed from greenfield. Recurrent Energy is one of the world's largest and most geographically diversified utility-scale solar and battery energy storage platforms, with a track record of 9 GW of solar and 3 GWh of battery storage power plants now in operation in 29 countries across five continents.

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