Recurrent Energy, a subsidiary of Canadian Solar Inc. and one of the world’s largest utility-scale solar and energy storage project development platforms, has secured a $500 million preferred equity investment commitment from BlackRock.

The deal includes operations in the U.S., Canada, Spain, Italy, the U.K., France, the Netherlands, Germany, South Africa, Brazil, Chile, Colombia, Australia, South Korea and Taiwan. It excludes Canadian Solar's project development business in Japan and China, and certain assets in Latin America and Taiwan.

BofA Securities, Inc. and Banco Santander, S.A. served as financial advisors to Canadian Solar. Skadden, Arps, Slate, Meagher & Flom LLP advised Recurrent Energy. KPMG Abogados, S.L.P. and Simpson Thacher & Bartlett LLP advised BlackRock.