Recurrent Energy

Overview

Recurrent Energy is a prominent global developer and operator of utility-scale solar and energy storage projects. Founded in 2006, it operates as a wholly-owned subsidiary of Canadian Solar Inc. With headquarters in Austin, Texas, Recurrent Energy has established a robust presence across multiple continents. The company has successfully raised over $585 million in various funding rounds, with recent significant investments from financial giants such as BlackRock.

Recent Developments

October 2024: Recurrent Energy completed a $500 million investment from BlackRock, marking a strategic shift towards becoming a long-term owner and operator of solar and energy storage assets in key markets such as the U.S. and Europe. This transaction, first announced in January 2024, has led BlackRock to hold a 20% stake in Recurrent Energy's shares. Source
July 2024: The company was granted a Development Consent Order for its 350 MWp Mallard Pass Solar Farm in the UK, co-developed with Windel Energy. This project is expected to significantly contribute to the UK's renewable energy capacity by powering approximately 92,000 homes. Source
June 2024: Recurrent Energy secured $513 million for the Papago Storage project, Arizona's largest energy storage project. This venture underscores Recurrent Energy's commitment to advancing the clean energy transition by providing renewable power to nearly 244,000 homes. Source
May 2024: Recurrent Energy acquired a €1.3 billion multi-currency revolving credit facility aimed at expanding its solar and energy storage projects across Europe, primarily in Spain and the United Kingdom. This facility will support the construction of close to 1 GW of solar capacity. Source

Attribute	Information
Founding Date	2006
Headquarters	Austin, Texas, USA
Founders	Arno Harris and Matt Garlinghouse
Revenue	$750M (as of September 2024)
Profits	Not publicly disclosed
Key Investors	BlackRock, European Investment Bank
Industry	Renewable Energy
Number of Employees	Approximately 776

Early History

Recurrent Energy's foundation was laid in 2006 by Arno Harris and Matt Garlinghouse as a response to the growing need for sustainable energy solutions. The company quickly established itself as a leader in solar power and energy storage, focusing on utility-scale installations. Its commitment to innovation and strategic partnerships enabled it to navigate the renewable energy sector's complexities, setting benchmarks for project development and implementation.

Company Profile and Achievements

Recurrent Energy is known for its robust project pipeline, which spans 26 GW in solar and 56 GWh in energy storage as of mid-2024. The company’s operations focus on developing, financing, and constructing state-of-the-art solar and storage facilities globally. Noteworthy achievements include:

2015 Acquisition by Canadian Solar: This acquisition catalyzed Recurrent Energy's capabilities, allowing access to enhanced capital resources and international markets.
Expansion into Energy Storage: Beyond solar, Recurrent Energy has proactively positioned itself in the energy storage sector, with significant storage projects like Papago Storage facilitating strategic growth in renewable energy delivery.
Focus on Sustainable Practices: The company is developing its Environmental, Social, and Governance (ESG) framework, with plans to release its standalone ESG report by 2025.

Current Operations and Market Position

Recurrent Energy is positioned as a major player in the renewable energy domain, with active projects in North America, Europe, and Asia-Pacific. Its strategic initiatives focus on enhancing the reliability and affordability of clean energy through technological advancements and innovative financing solutions. The company continues to leverage its parent company's financial and technological resources to maintain its market leadership.

Conclusion

Recurrent Energy stands at the forefront of the renewable energy transition, underscored by strategic investments and robust project pipelines. Its commitment to sustainability and technological excellence positions it as a pivotal entity in global efforts to achieve cleaner, greener energy solutions. Looking forward, Recurrent Energy is poised to continue its trajectory of growth and market influence, increasingly solidifying its presence as a leader in solar and energy storage innovations.