GUELPH,
ON, June 10, 2024 /PRNewswire/ -- Recurrent
Energy, a subsidiary of Canadian Solar Inc. ("Canadian Solar")
(NASDAQ: CSIQ) and a global developer, owner, and operator of solar
and energy storage assets, announced today the inauguration of the
446 MWp / 360 MWac Marangatu Solar Complex in Brasileira,
Brazil. SPIC owns 70% of the
project, while Recurrent Energy owns the remaining 30%.
Developed by Recurrent Energy, Marangatu Solar Complex was fully
energized in April 2024 after 14
months of construction. 75% of the energy generated is secured
through long-term power purchase agreements (PPAs). The complex
will generate enough electricity to power approximately 550,000
homes annually. Additionally, the project created around 1,500
direct jobs and 500 indirect jobs.
Adriana Waltrick, CEO of SPIC
Brasil, commented, "It is increasingly urgent that we
accelerate the energy transition process by contributing to the
Brazilian electric sector and reinforcing our leadership in
renewable energy. With our new venture into solar power generation,
we aim to continue growing with innovation, sustainability,
reliability, and most importantly, competitiveness. Brazil needs abundant, competitive energy, and
it is our role to create the conditions for this."
Ismael Guerrero, CEO of
Recurrent Energy, added, "Today marks a significant milestone
for SPIC Brasil, Recurrent Energy, and the Brazilian energy sector
This inauguration underscores our commitment to expanding renewable
energy generation in Brazil,
providing clean, sustainable energy solutions for the country. We
are proud this project will positively impact the environment, the
economy, and the local community. We look forward to further
contributing to the development of renewable energy in Brazil and advancing our mission of creating a
more sustainable future for all."
Recurrent Energy is undergoing significant growth and expansion
in Latin America, with over 4 GW
of project development pipeline as of March
31, 2024. Operational projects are located across
Brazil, Mexico, Argentina, and Colombia, with new projects emerging in
Chile, Peru, the Dominican
Republic, and Puerto
Rico.
About Recurrent Energy
Recurrent Energy is one of the
world's largest and most geographically diversified utility-scale
solar and energy storage project development, ownership and
operations platforms, with an industry-leading team of in-house
energy experts. Recurrent Energy is a subsidiary of Canadian Solar
Inc. Additional details are available at
www.recurrentenergy.com.
About Canadian Solar
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 energy storage solutions, and developer of
utility-scale solar power and battery energy storage projects with
a geographically diversified pipeline in various stages of
development. Over the past 23 years, Canadian Solar has
successfully delivered over 125 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 10 GWp of solar power
projects and 3.3 GWh of battery energy storage projects across the
world. Currently, the Company has over 1.2 GWp of solar power
projects in operation, 6.5 GWp of projects under construction or in
backlog (late-stage), and an additional 19.8 GWp of projects in
advanced and early-stage pipeline. In addition, the Company has 600
MWh of battery energy storage projects in operation and a total
battery energy storage project development pipeline of around 56
GWh, including approximately 4.3 GWh under construction or in
backlog, and an additional 51.6 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.
About SPIC Brasil
SPIC Brasil is a company that invests in safe
energy generation with a focus on renewable sources and respect for
the communities where it operates, contributing to the energy
transition and enhancing the country's energy potential. With
assets totaling approximately 4 GW (3,844.2 MW) in Brazil, it operates the São Simão
Hydroelectric Plant, on the border between the states of Minas
Gerais and Goiás, two wind farms in Paraíba – Millennium and Vale
dos Ventos – and is a shareholder in the largest natural gas
complex in Latin America, GNA (Gás
Natural Açu), in São João da Barra (RJ). It also holds a 70%
majority stake in the Marangatu (PI) and Panati (CE) Solar
Complexes, which have a combined installed capacity of 738 MWp. It
employs over 265 direct employees in its business units and
operations. For more information, please refer to the SPIC Brasil
Annual Sustainability Report available on the website.
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; litigation and other risks as described in
Canadian Solar's filings with the Securities and Exchange
Commission, including its annual report on Form 20-F filed on
April 26, 2024. Although Canadian
Solar and Recurrent Energy believe 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 and Recurrent Energy undertake no duty to update
such information, except as required under applicable law.
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SOURCE Canadian Solar Inc.