U.S. renewable energy expansion accelerates as California solar project secures $695 million in capital

Recurrent Energy has secured $695 million in project financing and tax equity to advance construction of the 330 MW Cobalt Solar facility in California. Supported by major financial institutions, the utility-scale installation is scheduled to begin commercial operations by late 2027.

A major utility-scale solar asset in Riverside County, California, has secured a $695 million financial package to complete construction and bring 330 MW of clean generation capacity to the U.S. electrical grid. The financing combines $484 million in debt facilities led by Mitsubishi UFJ Financial Group and Nord/LB with a $211 million tax equity commitment from Wells Fargo. Construction duties are being handled by engineering firm Blattner Energy, with full commercial operation targeted for the end of 2027.

Recurrent Energy, a subsidiary of Canadian Solar Inc., develops, owns, and operates utility-scale solar power and energy storage assets globally. As the global development arm of Canadian Solar, the company manages an extensive international pipeline of clean power facilities across North America, Europe, Asia, and Latin America.

The successful closing of capital highlights strong institutional appetite for utility-scale clean power infrastructure, even amidst evolving macroeconomic conditions. Major lenders and tax equity partners continue to prioritize large-scale renewable projects backed by solid regulatory environments and long-term grid integration goals, ensuring sustained liquidity for well-structured energy transitions.

For regional power markets, the deployment provides significant capacity to help satisfy escalating electricity demands driven by industrial expansion, data centers, and electrification trends. Beyond adding power to the regional grid sufficient for approximately 82,000 households, the infrastructure project delivers direct economic yield to local government entities through roughly $14 million in projected municipal tax revenue over its operating lifecycle.

For institutional investors and clean energy developers, the funding structure provides a modern blueprint for dual-track project financing, combining term construction debt with tax equity structures. As grid operators face increasing reliability pressures, large-scale combined generation facilities offer vital multi-decade contract opportunities for power off-takers, asset managers, and infrastructure funds.