Canadian Solar's (CSIQ) Recurrent Energy subsidiary said Thursday that BlackRock has completed its $500 million investment in Recurrent, with the receipt of the second and final payment.
BlackRock's $500 million investment represents 20% of the outstanding fully diluted shares of Recurrent on an as-converted basis, according to Recurrent. Canadian Solar remains the majority shareholder of Recurrent, the company added.
The transaction, announced in January, was facilitated through a fund managed by BlackRock's Climate Infrastructure business, Recurrent said.
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