Located approximately 20 miles west of Blythe, California, in Riverside County, the 330 MW 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 debt financing package, totaling approximately $484 million, was led by Mitsubishi UFJ Financial Group, Inc. and Nord/LB, and includes a combination of construction and term loans, a tax equity bridge loan, and a letter of credit facility. In parallel, Recurrent Energy secured a $211 million tax equity investment from Wells Fargo.
“Nord/LB is proud to have co-led the debt financing for the Cobalt Project on behalf of our long-standing client, Recurrent Energy. The closing reflects the strength of our partnership and our shared commitment to advancing reliable clean energy infrastructure,” said Sondra Martinez, Managing Director at Nord/LB.
Dylan Marx, CEO of Recurrent Energy, added, “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.”
Beyond its contribution to clean energy generation, Cobalt Solar is expected to deliver tangible economic benefits to the local community, including approximately $14 million in property tax revenues for Riverside County. Once operational, the facility will generate enough electricity to power the equivalent of approximately 82,000 homes per year.
