GUELPH,
ON, Aug. 31, 2023 /PRNewswire/ -- Canadian
Solar Inc. (the "Company", or "Canadian Solar") (NASDAQ: CSIQ)
announced today that Recurrent Energy, its wholly-owned
subsidiary for global project development and power services,
secured $112 million in project
financing for its 160 MW (120 MWac) North Fork Solar project,
located 100 miles southwest of Oklahoma
City. NordLB acted as Coordinating Lead Arranger and Joint
Lead Arranger. Rabobank acted as Joint Lead Arranger. The project
is expected to be operational in 2024.
Oklahoma Municipal Power Authority (OMPA), which serves 42
municipally-owned electric systems in Oklahoma, will purchase 100% of the energy
produced by North Fork Solar under a 15-year agreement. OMPA's
power purchase agreement with Recurrent Energy marks the municipal
utility's first solar energy transaction. OMPA's power supply comes
from a variety of resources, including 151 MW of Oklahoma wind.
"OMPA is extremely excited to add North Fork Solar to our
portfolio of energy resources. This will continue to diversify our
energy mix and increase the amount of non-carbon resources for the
benefit of our member cities," stated David Osburn, OMPA General Manager.
North Fork Solar represents Recurrent Energy's first project in
Oklahoma and first project in the
Southwest Power Pool (SPP), the bulk electric grid and wholesale
power market operator across 15 states in the central U.S. Solar
energy currently makes up less than 1 percent of the energy
resource mix in SPP.
"We are pleased to support Recurrent Energy on another project
financing as Coordinating Lead Arranger. Our team values the
long-standing relationship with the Recurrent Energy team as we
collectively continue to adapt and innovate around an evolving
market. North Fork Solar takes no exception and further diversifies
our portfolio within the SPP market. We look forward to continuing
our long-standing partnership with Recurrent Energy especially as
they execute on their ambitious energy transition pipeline," said
Sondra Martinez, Managing
Director, Nord/LB.
Recurrent Energy selected Blattner Energy as the engineering,
procurement and construction partner for North Fork Solar. Once
operational, the project will produce enough electricity to power
35,000 homes.
Recurrent Energy began development of North Fork Solar in 2018.
Once construction is completed, Recurrent Energy will own and
operate the project through its Power Services business as a part
of its commitment to growing the number of renewable energy
projects in its operating assets portfolio.
Ismael Guerrero, CEO of
Recurrent Energy, commented, "As Recurrent Energy ramps up
investment in its diverse project pipeline and increases its
project ownership, we're delighted today to announce the close of
project financing for North Fork Solar in Oklahoma with our trusted partners – NordLB
and Rabobank. Oklahoma has long
been known for its rich wind resource, and now OMPA's customers
will benefit from low-cost solar energy to complement the wind
energy in their portfolio."
About Canadian Solar Inc.
Canadian Solar was founded in 2001 in Canada and is one of the world's largest solar
technology and renewable energy companies. It is a leading
manufacturer of solar photovoltaic modules, provider of solar
energy and battery storage solutions, and developer of
utility-scale solar power and battery storage projects with a
geographically diversified pipeline in various stages of
development. Over the past 22 years, Canadian Solar has
successfully delivered over 102 GW of premium-quality, solar
photovoltaic modules to customers across the world. Likewise, since
entering the project development business in 2010, Canadian Solar
has developed, built, and connected over 9 GWp of solar power
projects and over 3 GWh of battery storage projects across the
world. Currently, the Company has approximately 700 MWp of solar
power projects in operation, 8 GWp of projects under construction
or in backlog (late-stage), and an additional 17 GWp of projects in
advanced and early-stage pipeline. In addition, the Company has a
total battery storage project development pipeline of 52 GWh,
including approximately 2 GWh under construction or in backlog, and
an additional 50 GWh at advanced and early-stage development.
Canadian Solar is one of the most bankable companies in the solar
and renewable energy industry, having been publicly listed on the
NASDAQ since 2006. For additional information about the Company,
follow Canadian Solar on LinkedIn or visit
www.canadiansolar.com.
Safe Harbor/Forward-Looking Statements
Certain statements in this press release are forward-looking
statements that involve a number of risks and uncertainties that
could cause actual results to differ materially. These statements
are made under the "Safe Harbor" provisions of
the U.S. Private Securities Litigation Reform Act of
1995. In some cases, you can identify forward-looking statements by
such terms as "believes," "expects," "anticipates," "intends,"
"estimates," the negative of these terms, or other comparable
terminology. Factors that could cause actual results to differ
include general business, regulatory and economic conditions and
the state of the solar and battery storage market and industry;
geopolitical tensions and conflicts, including impasses, sanctions
and export controls; volatility, uncertainty, delays and
disruptions related to the COVID-19 pandemic; supply chain
disruptions; governmental support for the deployment of solar
power; future available supplies of high-purity silicon; demand for
end-use products by consumers and inventory levels of such products
in the supply chain; changes in demand from significant customers;
changes in demand from major markets, such as Japan,
the U.S., China, Brazil and Europe;
changes in effective tax rates; changes in customer order patterns;
changes in product mix; changes in corporate responsibility,
especially environmental, social and governance ("ESG")
requirements; capacity utilization; level of competition; pricing
pressure and declines in or failure to timely adjust average
selling prices; delays in new product introduction; delays in
utility-scale project approval process; delays in utility-scale
project construction; delays in the completion of project sales;
continued success in technological innovations and delivery of
products with the features that customers demand; shortage in
supply of materials or capacity requirements; availability of
financing; exchange and inflation rate fluctuations; uncertainties
related to the CSI Solar carve-out listing; litigation
and other risks as described in the Company's filings with
the Securities and Exchange Commission, including its annual
report on Form 20-F filed on April 18, 2023. Although the
Company believes that the expectations reflected in the
forward-looking statements are reasonable, it cannot guarantee
future results, level of activity, performance, or achievements.
Investors should not place undue reliance on these forward-looking
statements. All information provided in this press release is as of
today's date, unless otherwise stated, and Canadian
Solar undertakes no duty to update such information, except as
required under applicable law.
CANADIAN SOLAR INC. INVESTOR RELATIONS CONTACTS
Isabel Zhang
Investor Relations
Canadian Solar Inc.
investor@canadiansolar.com
David Pasquale
Global IR Partners
+1 914-337-8801
csiq@globalirpartners.com
RECURRENT ENERGY MEDIA INQUIRIES
Ally Copple
Innovant Public Relations
713-201-8800
Ally@InnovantPR.com
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SOURCE Canadian Solar Inc.