Recurrent Energy closes $695 million financing for 330 MW California solar project

Recurrent Energy, a utility-scale solar and energy storage developer and subsidiary of Canadian Solar, has secured $695 million in project financing and tax equity to fund the construction of its Cobalt Solar facility in Southern California.

Located roughly 20 miles west of Blythe in Riverside County, the 330 MW solar power plant is fully permitted and currently under construction. Commercial operation is targeted for the end of 2027. Once operational, the facility is expected to generate enough electricity to power the equivalent of approximately 82,000 homes per year.

The $695 million funding structure includes a debt package totaling approximately $484 million, which was jointly led by Mitsubishi UFJ Financial Group (MUFG) and Nord/LB. This debt package combines construction and term loans, a tax equity bridge loan, and a letter of credit facility. In parallel, Recurrent Energy secured a $211 million tax equity investment directly from Wells Fargo’s Renewable Energy & Environmental Finance group.

Blattner Energy has been appointed as the engineering, procurement, and construction (EPC) provider for the buildout.

Beyond adding clean power capacity to meet regional electricity demand, the project is expected to deliver tangible economic benefits to the local community, including approximately $14 million in property tax revenues for Riverside County.

As of late 2025, Recurrent Energy’s global development pipeline totaled approximately 23 GWp of solar power and 73 GWh of energy storage capacity, alongside more than 14 GW of solar and energy storage projects under operations and maintenance contracts.