Recurrent Energy has closed $695 million in project financing and tax equity for its Cobalt Solar facility in Riverside County, California, allowing the company to ramp up construction of the 330 MW project ahead of a planned commercial operation date by the end of 2027.

The project, located approximately 20 miles west of Blythe, is already under construction. Blattner Energy will serve as its engineering, procurement and construction contractor.

The financing combines approximately $484 million in debt with a $211 million tax equity investment. Mitsubishi UFJ Financial Group and Nord/LB led the debt financing, while Wells Fargo provided the tax equity investment.

Financing supports the project’s next construction phase

The debt package includes construction and term loans, a tax equity bridge loan and a letter of credit facility.

Recurrent Energy closed the financing as it prepares to increase construction activity at Cobalt Solar. The company has not released a detailed construction schedule or a percentage-complete figure.

The funding marks a key milestone for the project because it provides the financing structure needed to continue work toward the end-of-2027 commercial operation target.

Project combines solar generation and battery storage

Cobalt Solar is being developed in eastern Riverside County’s Chuckwalla Valley. Project records describe a solar photovoltaic facility with battery storage, an electrical substation and associated infrastructure connecting the project to Southern California Edison’s Colorado River Substation.

Permitting documents anticipated approximately 36 months of construction beginning in December 2024. The work includes site preparation, grading and access-road construction, followed by installation of solar arrays, battery equipment, inverters, the substation and operations facilities.

Recurrent Energy now identifies the project as a 330 MW facility. A California water-board permit, however, describes an up-to-250 MW alternating-current photovoltaic facility. The company has not explained the difference between the two figures, so both capacities remain attributable to their respective sources.

Project also targets local economic benefits

Recurrent Energy expects Cobalt Solar to generate approximately $14 million in property-tax revenue for Riverside County.

Once operating, the facility is expected to produce enough electricity to power the equivalent of approximately 82,000 homes annually.

Cobalt Solar is one of several large-scale power projects advancing to meet growing electricity demand. In Texas, the proposed Victoria Power Project is pursuing a different approach, combining 1 GW of gas-fired generation with plans for up to 1.5 GW of small modular nuclear capacity to support a nearby data center.

With financing now closed, the project has moved past a major funding milestone. Recurrent Energy’s next task is to convert that financing into construction progress as Cobalt Solar works toward its planned 2027 start of commercial operations.

Cobalt Solar project factsheet

• Project: Cobalt Solar
• Location: Riverside County, California, approximately 20 miles west of Blythe
• Developer: Recurrent Energy
• EPC contractor: Blattner Energy
• Latest announced capacity: 330 MW
• Capacity described in water-board permit: Up to 250 MW AC
• Current status: Under construction
• Target commercial operation: End of 2027
• Total financing: $695 million
• Debt financing: Approximately $484 million
• Debt financing leads: MUFG and Nord/LB
• Tax equity: $211 million from Wells Fargo
• Estimated Riverside County property-tax revenue: Approximately $14 million
• Estimated annual electricity equivalent: Approximately 82,000 homes