U.S. investment giant BlackRock has agreed to invest $500 million in Canada’s Recurrent Energy.

The deal has industrial real estate implications in Canada, the U.S. and several other countries. Recurrent ranks among the world’s largest utility-scale solar and energy storage project developers, owners and operators. BlackRock plans to make the investment through a fund managed by its climate infrastructure business.

Recurrent is a subsidiary of Guelph, Ont.-based Canadian Solar, a global solar technology and renewable energy provider.

Pending completion of the deal, New York-based BlackRock will make a preferred-equity investment in Recurrent convertible to common equity equivalent to 20% of the company’s common diluted shares. Canadian Solar will continue to hold a majority stake in Recurrent.

Recurrent said in a news release that the capital infusion will enable the company to become a long-term owner and operator in Canada, the U.S., Europe and several other countries.

“The infusion of capital from our partner BlackRock, who is also Canadian Solar’s largest institutional investor, will provide the resources needed to further scale the Recurrent Energy platform and meet record clean energy power demand across the world,” said Shawn Qu, Canadian Solar’s Chairman and CEO.