Recurrent Energy has closed US$695 million in project financing and tax equity for its 330MW Cobalt Solar development in Riverside County, California, moving a fully permitted utility-scale renewable project deeper into construction.
The financing combines approximately US$484 million in debt with a US$211 million Wells Fargo tax-equity investment, while commercial operation is targeted before the end of 2027.
US$695m Capital Package Supports Construction
Cobalt Solar is located roughly 20 miles west of Blythe and is already under construction.
Blattner Energy has been selected as the engineering, procurement and construction provider. The debt package incorporates 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.” said Dylan Marx, CEO of Recurrent Energy.
Financing Brings Major Institutions Together
The transaction combines funding from three major financial institutions.
MUFG and Nord/LB co-led the debt component, while Wells Fargo provided tax equity.
That diversity of financing matters because large renewable projects increasingly rely on multiple capital sources before construction and ownership economics can be fully optimised.
The structure gives Recurrent Energy capital to progress the project while allocating different elements of financing risk across lenders and the tax-equity investor.
Cobalt Targets 82,000 Homes
Once operational, Cobalt Solar is expected to generate electricity equivalent to the annual consumption of approximately 82,000 homes.
Recurrent Energy also expects the project to generate around US$14 million in property-tax revenue for Riverside County, adding a local fiscal component to the broader renewable-energy investment.
Solar Project Moves From Development Into Delivery
Cobalt Solar aligns particularly closely with the established editorial profile because it combines large disclosed financing, active physical construction, defined capacity and a clear commercial-operation target.
The transaction also demonstrates that large US renewable developments continue to attract substantial project debt and tax-equity capital when projects reach sufficient maturity. For Recurrent Energy, the financing moves Cobalt from development into the execution phase.
For California, the project represents another sizeable block of generation entering construction as electricity demand expands across transport, buildings, industry and digital infrastructure.
The US$695 million package therefore represents more than a financing headline: it is the capital structure enabling 330MW of new physical renewable infrastructure to move toward operation.
