GUELPH, ON, July 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 that it has signed a 10-year Power
Purchase Agreement (PPA) with GKN Automotive, the global
leader in drive systems. This agreement will allow for the annual
production of approximately 200 GWh of renewable electricity and
marks GKN Automotive's first renewable energy PPA in Europe.
GKN Automotive will source renewable energy from Recurrent
Energy's Rey I Project ("Rey I"), a 115 MWp solar PV project
located in Seville, Andalucia,
Spain. Currently under
construction, Rey I is expected to be fully operational by the
first half of 2026. Recurrent Energy will own and operate the
project upon completion.
The Rey I Project supports Spain's leadership in renewable energy,
producing approximately 240 GWh of clean energy each year, enough
to power over 73,000 homes in the region and displace approximately
197,000 metric tons of CO2 emissions.
Dr. Clare Wyatt, Chief
People, Communications and Sustainability Officer at GKN
Automotive, commented, "Signing this PPA with Recurrent
Energy underscores our commitment to achieving our 2045 net zero
ambition and contributing to decarbonization of the automotive
industry. It reflects our intention to continue to drive a cleaner,
more sustainable world, through supporting projects that add to the
supply of renewable electricity."
Ismael Guerrero, CEO of
Recurrent Energy, added, "Recurrent Energy is pleased to
support GKN Automotive's commitment to reach net zero carbon
emissions by 2045. Over the last 10 years, we have accumulated
extensive experience in executing large-scale projects for global
customers. We are grateful to GKN Automotive for entrusting us
with their first PPA in Europe.
This agreement exemplifies our shared dedication to investing in
renewable energy projects that contribute to both company
operations and the fight against climate change."
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 GKN Automotive
GKN Automotive is a world-leading global automotive technology
company, pioneering electric drive systems and driving the future
of transportation. With a legacy of innovation spanning 250 years,
the company is the trusted partner for 90% of the world's
automotive companies, specializing in developing, building, and
supplying market-leading driveline systems and advanced ePowertrain
technologies. GKN Automotive is committed to shaping a cleaner,
more sustainable world through its cutting-edge innovations and
expertise. GKN Automotive is part of Dowlais, a specialist
engineering group focused on the automotive sector.
About Dowlais
Dowlais Company, a renowned automotive technology firm, stands
as a beacon of innovation and excellence in the industry. With a
rich history spanning decades, Dowlais has consistently pushed the
boundaries of automotive engineering, pioneering groundbreaking
advancements in electric drive systems and ePowertrain
technologies. As a trusted partner to leading automotive
manufacturers worldwide, Dowlais Company's expertise, commitment to
quality, and forward-thinking approach have positioned it as a
driving force in shaping the future of transportation.
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.
Canadian Solar Inc. Investor Relations
Contact
Wina Huang
Investor Relations
Canadian Solar Inc.
investor@canadiansolar.com
Recurrent Energy Media Inquiries
Inés Arrimadas
Recurrent Energy
comm_global@recurrentenergy.com
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SOURCE Canadian Solar Inc.