Canadian Solar working with Guggenheim on Recurrent options

Skip to Content News Archives Economy Energy Oil & Gas Renewables Electric Vehicles Mining Commodities Agriculture Real Estate Mortgages Mortgage Rates Finance Banking Insurance Fintech Cryptocurrency Work Wealth Smart Money Wealth Management Investor Personal Finance Family Finance Retirement Taxes High Net Worth FP Comment Executive Women Puzzmo Newsletters Financial Times Business Essentials More Innovation Information Technology FP500 Podcasts Small Business Lives Told Tails Told Shopping Financial Post Store Obituaries Place a Notice Advertising Advertising With Us Advertising Solutions Postmedia Ad Manager Sponsorship Requests Classifieds Place a Classifieds ad Working Profile Settings My Subscriptions My Offers Newsletters Customer Service FAQ News Economy Energy Mining Real Estate Finance Work Wealth Investor FP Comment Executive Women Puzzmo Newsletters Financial Times Business Essentials This advertisement has not loaded yet, but your article continues below.HomeRenewablesNewsCanadian Solar working with Guggenheim on Recurrent optionsIn May, Recurrent said it was continuing to seek asset sales in a bid to de-lever its balance sheetAuthor of the article:Soma Biswas and Mark ChediakCanadian Solar, which is scheduled to report second-quarter earnings on Thursday, has been transitioning from focusing on high volume sales to investments in higher-value markets. Photo by Matthias Balk/picture alliance via Getty ImagesCanadian Solar is working with Guggenheim Securities as it weighs options for its Recurrent Energy unit, according to people familiar with the matter.THIS CONTENT IS RESERVED FOR SUBSCRIBERS ONLYSubscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman, and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.SUBSCRIBE TO UNLOCK MORE ARTICLESSubscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.REGISTER / SIGN IN TO UNLOCK MORE ARTICLESCreate an account or sign in to continue with your reading experience.Access articles from across Canada with one account.Share your thoughts and join the conversation in the comments.Enjoy additional articles per month.Get email updates from your favourite authors.THIS ARTICLE IS FREE TO READ REGISTER TO UNLOCK.Create an account or sign in to continue with your reading experience.Access articles from across Canada with one accountShare your thoughts and join the conversation in the commentsEnjoy additional articles per monthGet email updates from your favourite authorsSign In or Create an AccountThe move comes as Recurrent, along with the rest of the United States solar industry, can no longer take advantage of some clean energy tax credits for new projects, the people said, asking not to be identified discussing private information. To qualify for the benefit, solar developers were required to begin project construction before July 4.Recurrent, which develops solar farms and energy storage, has been seeking to reduce debt as its U.S. operations grapple with higher material costs amid tariff pressures. Solar developers are also contending with new rules that restricted the use of Chinese equipment in clean energy projects seeking the investment tax credit.Breaking business news, incisive views, must-reads and market signals. Weekdays by 9 a.m.By signing up you consent to receive the above newsletter from Postmedia Network Inc.A welcome email is on its way. If you don't see it, please check your junk folder.The next issue of Posthaste will soon be in your inbox.We encountered an issue signing you up. Please try againIn May, Recurrent said it was continuing to seek asset sales in a bid to de-lever its balance sheet. The unit had about US$2.17 billion of non-recourse borrowings at the end of last year, according to a filing. The company has developed 12.2 gigawatts of solar and 6.4 gigawatt-hours of battery storage across six continents.“We are proactively rebalancing our business toward monetizing in-construction and operating assets in order to optimize cash flow and manage leverage,” a spokesperson for Recurrent said in an emailed statement. The company will “focus on strategic markets and projects as well as selectively monetizing certain assets intended to optimize our long-term strategy.”A representative for Guggenheim declined to comment.Canadian Solar, which is scheduled to report second-quarter earnings on Thursday, has been transitioning from focusing on high volume sales to investments in higher-value markets including the U.S. amid a supply glut of panels from China. In the first quarter, the company said solar module shipments recognized as revenue fell 64 per cent year over year.Canadian Solar and Recurrent have recently shuffled their leadership ranks as well. Recurrent chief executive Ismael Guerrero stepped down from that role in July to be replaced by Dylan Marx, who was chief operating officer of Canadian Solar.In May, Canadian Solar said founder Shawn Qu would transition from chairman and CEO to executive chairman and chief technology officer. Colin Parkin was named CEO.We apologize, but this video has failed to load.This advertisement has not loaded yet.Notice for the Postmedia NetworkThis website uses cookies to personalize your content (including ads), and allows us to analyze our traffic. Read more about cookies here. By continuing to use our site, you agree to our Terms of Use and Privacy Policy.