Canadian Solar shares soared more than 13% Tuesday mid-session on news BlackRock had agreed to a $500m equity investment giving it a 20% stake in subsidiary Recurrent Energy, a leading global solar PV and energy storage project developer.

Canadian Solar said the investment will provide Recurrent with additional capital to grow its “high value” project development pipeline, while executing its strategy to transition from a pure developer to one that will own and operate long-term in select markets including Europe and the US.