Recurrent Energy, a subsidiary of Canadian Solar Inc. (NASDAQ: CSIQ), has closed $695 million in project financing and tax equity for its 330 MW Cobalt Solar facility located approximately 20 miles west of Blythe, California, in Riverside County, according to a press release.

The debt financing package totals approximately $484 million and was co-led by Mitsubishi UFJ Financial Group (MUFG) and Nord/LB. It includes construction and term loans, a tax equity bridge loan, and a letter of credit facility. Wells Fargo provided a separate $211 million tax equity investment.

The project is currently under construction, with Blattner Energy serving as the engineering, procurement, and construction provider. Commercial operation is expected by the end of 2027.

Once operational, the facility is projected to generate enough electricity to power the equivalent of approximately 82,000 homes per year. Riverside County is expected to receive approximately $14 million in property tax revenues from the project.

Dylan Marx, CEO of Recurrent Energy, said the project "represents a significant addition to the U.S. energy landscape and will contribute meaningfully to meeting the country's growing electricity demand."