$695M Closed for Cobalt Solar Project in California
Recurrent Energy, a subsidiary of Canadian Solar, has closed $695 million in project financing and tax equity for its 330-MW Cobalt Solar project in Riverside County, California.
Located about 20 miles west of Blythe, the project is fully permitted and currently under construction. Commercial operation is expected by the end of 2027, with Blattner Energy serving as the engineering, procurement and construction provider.
The financing includes approximately $484 million in debt financing, led by Mitsubishi UFJ Financial Group (MUFG) and Nord/LB. The package includes construction and term loans, a tax equity bridge loan and a letter of credit facility. Wells Fargo is providing an additional $211 million in tax equity.
Dylan Marx, CEO of Recurrent Energy, said the financing will support the continued construction of Cobalt Solar and its contribution to meeting growing U.S. electricity demand.
Once operational, the 330-MW facility is expected to generate enough electricity to power the equivalent of approximately 82,000 homes annually. The project is also projected to generate around $14 million in property tax revenues for Riverside County.
The financing close represents a significant step forward for the utility-scale solar project as construction progresses toward its planned 2027 completion.
Source: recurrentenergy.com
