Recurrent Energy has secured $695 million in project financing and tax equity for the Cobalt solar project located in Riverside County, California. The project has an installed capacity of 300 MW and is currently under construction. The project is expected to commence operations by the end of 2027. Once operational, the project is expected to generate enough electricity to power approximately 82,000 homes annually.
Furthermore, the project financing includes approximately $484 million in debt, led by Mitsubishi UFJ Financial Group (MUFG) and Nord/LB. The financing package comprises construction and term loans, a tax equity bridge loan and a letter of credit facility. Wells Fargo also provided an additional $211 million tax equity investment for the project.
In June 2026, Recurrent Energy inaugurated the Rey Solar solar project in Carmona, Spain. The project has an installed capacity of more than 420 MWp. The project started commercial operations in December 2025. The project is expected to generate approximately 916,000 MWh of clean electricity, sufficient to power over 275,000 homes annually.
