Recurrent Energy Secures $695M Financing for Cobalt Project
Canadian Solar Inc.'s (NASDAQ:CSIQ) subsidiary Recurrent Energy has secured $695 million in financing for its 330 MW Cobalt solar project. The funding consists of approximately $484 million in debt led by MUFG and Nord/LB, as well as $211 million in tax equity from Wells Fargo. Construction on the project is set to begin this year and is expected to be completed by 2027.
The funds will also support the commissioning of the 150 MWac Carwarp solar park in Victoria, which has been operational since completing a long-term power purchase agreement (PPA) with Microsoft. The Carwarp project is part of Recurrent Energy's efforts to develop renewable energy infrastructure for major corporations and utilities.
Additionally, Canadian Solar's e-STORAGE business unit announced that its KuBank 3.0 liquid-cooled lithium-ion battery system has passed the UL 9540A:2026 large-scale fire test. This certification demonstrates the system's ability to operate safely in grid-connected and islanded modes at various voltage levels.