EU clears BlackRock’s USD-500m investment in Recurrent Energy

The European Commission (EC) on Wednesday cleared US investment giant BlackRock Inc’s (NYSE:BLK) agreement to acquire a 20% stake in utility-scale solar and energy storage firm Recurrent Energy LLC, a unit of Canadian Solar Inc (NASDAQ:CSIQ).

The USD-500-million (EUR 458.0m) deal was agreed upon in January to support Recurrent in advancing its project development pipeline and its push to transform from a pure developer to a developer plus long-term owner and operator in select markets including the US and Europe.

After a simplified merger review procedure, the EU competition watchdog has ruled that the transaction would not raise competition concerns, given that the companies are not active in the same or vertically related markets, according to a press release.

Recurrent had a global development pipeline of 26 GW in solar and 55 GWh in storage as of end-September 2023. The company targets 4 GW of solar and 2 GWh of storage assets in operation in the US and Europe by 2026.

(USD 1 = EUR 0.916)

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