Canadian Solar launches seven Romanian firms to develop large-scale photovoltaic parks

Canadian Solar Inc., one of the world's largest solar panel manufacturers, discreetly launched seven local firms in Romania since late summer last year. The move is part of its plan to develop large-scale photovoltaic parks in the country, according to data analyzed by Profit.ro. Canadian Solar, listed on the Nasdaq since 2006 with annual revenues exceeding $7.6 billion and a global workforce of over 22,000, established these firms through its Dutch subsidiary, Recurrent Energy. The Romanian entities are managed by the Director for Emerging Markets in Europe, the Middle East, and Africa at Recurrent Energy.

In recent months, Recurrent Energy has been identifying suitable land for large-scale photovoltaic projects in Romania, securing access through purchases or other contracts. This initiative follows a significant transaction where BlackRock, the world's largest asset manager with $10 trillion in assets, acquired a 20% stake in Recurrent Energy for $500 million. The Romanian component of this deal received national security approval from the Romanian government due to BlackRock’s non-EU affiliation.

Canadian Solar, founded in 2001 in Ontario by Shawn Qu, now holds the title of the sixth-largest photovoltaic panel producer globally, with total deliveries of 30,700 MW last year. Recurrent Energy aims to operationalize 4,000 MW of photovoltaics and 2,000 MW of storage by 2026 across the U.S. and Europe.

Source: Profit.ro