Recurrent Energy closes $695 million financing for 330 MW California solar project

A large solar power plant is moving forward in Southern California, though it won't directly touch most homeowners' bills or upgrade decisions. Recurrent Energy, a solar and battery storage developer owned by Canadian Solar, has lined up $695 million to build its Cobalt Solar facility, located about 20 miles west of Blythe in Riverside County. The project is fully permitted and under construction now, with commercial operation targeted for the end of 2027.

The financing includes roughly $484 million in debt, led by Mitsubishi UFJ Financial Group and Nord/LB, covering construction loans, a bridge loan, and a letter of credit. Wells Fargo added a separate $211 million tax equity investment. Blattner Energy will handle engineering, procurement, and construction.

Once running, the 330 megawatt plant is expected to generate enough electricity to power around 82,000 homes a year, adding to the supply of clean power on the regional grid. Riverside County is also expected to collect about $14 million in property tax revenue from the project.

This is a utility-scale project, not a rebate or incentive program tied to individual houses, so it doesn't change what's available for home energy upgrades. It does reflect a broader buildout of solar and battery storage in California and beyond: Recurrent Energy's global pipeline now totals about 23 gigawatts of solar and 73 gigawatt-hours of storage capacity, plus more than 14 gigawatts of projects it already operates and maintains. For homeowners, projects like this mainly matter as a sign of how much new clean power is being added to the grid over the next few years.