Talks about Fortescue’s potential deal to buy Recurrent Energy have broken off, sources familiar with the situation said, with the global renewable energy platform’s owners now speaking to other possible buyers.

Fortescue was previously in exclusive talks to buy the Austin, Texas-based solar and storage independent power producer (IPP). But talks broke down towards the end of last year, and the exclusivity period for a potential deal expired, according to the sources.

Canadian Solar owns a majority stake in Recurrent, while BlackRock acquired a 20% stake in the company in 2024 with a USD 500m investment.

Wells Fargo Advisory and Santander have been acting as sellside financial advisors.

In addition to discussions with other buyers, the sellers are also evaluating an option to split up Recurrent Energy based on geography or development stage of the portfolio to offer one or more parts to buyers, two sources said.

Recurrent’s owners launched the sale process in 1H25, with first-round bids coming in around mid-year. By October, Fortescue, an Australian green technology, energy and metals company based in Perth, was in exclusive discussions.

Founded in 2006 and active on six continents, Recurrent has developed 12 GW of solar and more than 5 GWh of battery storage projects, according to its website. The company also has a global pipeline of roughly 23 GW of solar and 73 GWh of battery storage.

Recurrent’s portfolio and pipeline of projects are spread across the US, Canada, Latin America, the UK, Europe, South Africa, Asia, and Australia.

Canadian Solar, a Nasdaq-listed solar technology firm based in Kitchener, Ontario, acquired Recurrent in 2015 from Sharp Corporation for USD 265m. In 2024, BlackRock invested USD 500m in the company, representing 20% of the outstanding fully diluted shares of Recurrent Energy on an as-converted basis.

Fortesque, Recurrent Energy, BlackRock, Wells Fargo and Santander declined to comment, while Canadian Solar did not respond to queries for the article.