GUELPH,
ON, July 24, 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 successful
financial close on a €50 million loan from the European Investment
Bank ("EIB"). The facility will support the development and
construction of a solar energy portfolio in Italy.
The loan, a €50 million 5-year term facility, aligns with the
EIB's lending priorities on Renewable Energy, Climate Action, and
Social and Economic Cohesion. This transaction strengthens
Recurrent Energy's leadership in Italy's clean energy transition, enhancing the
country's renewable energy capacity and supporting Europe's goals for reduced emissions and
increased energy independence.
Ismael Guerrero, CEO of
Recurrent Energy, commented, "We are excited to extend our
banking relationship with such an entity as the EIB. This
transaction is a pivotal step toward our goal of becoming one of
the largest Independent Power Producers (IPPs) globally. It aligns
with our commitment to fostering a more sustainable economy in
Europe and beyond. We look forward
to building a long-term relationship with the EIB to support our
mutual objectives."
Recurrent Energy has been expanding its presence in Italy since 2017. It has recently inaugurated
its 51 MW solar PV project Anguillara located in Marsala,
Sicily, Italy, making the country
a reference point for its projects in the rest of Europe. Recurrent Energy currently has a
pipeline in EMEA that includes 10.3 GWp in Solar PV and 32.8 GWh in
battery energy storage.
About Recurrent Energy
Recurrent Energy is one of the world's largest and most
geographically diversified utility-scale solar and battery energy
storage project development, ownership, and operations platforms.
With an industry-leading team of in-house energy experts, Recurrent
Energy is a wholly owned subsidiary of Canadian Solar Inc. and
functions as Canadian Solar's global development and
power services business. Additional details are available
at http://www.recurrentenergy.com/.
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 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.
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
comms@recurrentenergy.com
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SOURCE Canadian Solar Inc.