Markets & Policy
Tenders & Auctions
Solar Projects
Large-Scale Projects
Rooftop
C&I
Manufacturing
Modules
Inverters & BOS
Technology
Finance and M&A
Markets & Policy
T&D
Utilities
Smart Grid
Microgrid
Events
Webinars
Interviews
August 18, 2026
Follow Mercom India on WhatsApp for exclusive updates on clean energy news and insights
Recurrent Energy, a developer, owner, and operator of solar and energy storage assets, has secured $695 million in project financing and tax equity for its 330 MW Cobalt Solar project in California.
Located approximately 20 miles west of Blythe, California, in Riverside County, the project is currently under construction and is expected to reach commercial operation by the end of 2027. Blattner Energy has been appointed as the engineering, procurement, and construction provider for the project.
The financing comprises approximately $484 million in debt and a $211 million tax equity investment from Wells Fargo. Mitsubishi UFJ Financial Group and Nord/LB led the debt financing.
The debt package includes construction and term loans, a tax equity bridge loan, and a letter of credit facility.
“We are thrilled to close the project financing and ramp up construction of Cobalt Solar. This project represents a significant addition to the U.S. energy landscape and will contribute meaningfully to meeting the country’s growing electricity demand. We appreciate the continued support and collaboration of MUFG, Nord/LB, and Wells Fargo in bringing this initiative forward,” said Dylan Marx, CEO of Recurrent Energy.
According to Recurrent Energy, Cobalt Solar is expected to generate approximately $14 million in property tax revenue for Riverside County. Once operational, the facility is expected to generate enough electricity to supply the equivalent of approximately 82,000 homes annually.
Announced large-scale solar project funding increased by 71% in the first half of 2026 compared with the funding raised in the same period in 2025, according to Mercom’s recently released 1H and Q2 2026 Solar Funding and M&A report. Top of Form
Recently, Copenhagen Infrastructure Partners, through its Growth Markets Fund II, has reached financial close for the La Esperanza Solar project in Mexico. Located in Campeche, Mexico’s Yucatán Peninsula, the project will comprise 420 MW of solar capacity and a 150 MW/750 MWh battery energy storage system.
Arjun Pradeep
RELATED POSTS
© 2026 by Mercom Capital Group, LLC. All Rights Reserved.
