KITCHENER, ON, Dec. 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 signing of a 10-year
Power Purchase Agreement (PPA) with a major U.S.-based technology
company.
Under this agreement, the counterparty will procure renewable
energy from a Recurrent Energy solar PV project located in
Valladolid, in the northwestern Spanish autonomous community of
Castilla y León. The Tordesillas solar PV project has an installed
capacity of 300 MWp (peak) and is expected to be
operational by 2026. Following energization, Recurrent Energy plans
to own and operate the solar project.
Ismael Guerrero, CEO of
Recurrent Energy, said, "We are very pleased to continue
to support leading technology companies in their commitments to
achieve net zero carbon emissions. The trust placed in
us reflects Recurrent Energy's proven expertise in executing
large-scale projects for major global customers. This PPA
demonstrates both companies' dedication to combating climate change
through cost-competitive renewable energy investments."
The Tordesillas project will strengthen Spain's position as a renewable energy leader
and help the country meet its decarbonization targets. The project
is expected to generate approximately 620 GWh per year, the
equivalent of powering 188,000 households and avoiding 161,000 tons
of CO2 equivalent annually.
Recurrent Energy continues to expand its portfolio of solar PV
and energy storage projects in development across all regions of
the world. In Spain, Recurrent
Energy has a project development pipeline of more than 2 GW of
solar projects and 60 MWh of battery energy storage.
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
serves as Canadian Solar's global development and power services
business. To date, Recurrent Energy has successfully developed,
built, and connected 11 GWp of solar projects and 3.7 GWh of energy
storage projects across six continents. As of September 30, 2024, its project development
pipeline includes over 26 GWp of solar and 66 GWh of energy storage
capacity.
About Canadian Solar:
Canadian Solar is one of the world's largest solar
technology and renewable energy companies. Founded in 2001 and
headquartered in Kitchener,
Ontario, the Company is a leading manufacturer of solar
photovoltaic modules; provider of solar energy and battery energy
storage solutions; and developer, owner, and operator of
utility-scale solar power and battery energy storage projects. Over
the past 23 years, Canadian Solar has successfully
delivered around 142 GW of premium-quality, solar photovoltaic
modules to customers across the world. Through its subsidiary
e-STORAGE, Canadian Solar has shipped around 9 GWh of
battery energy storage solutions to global markets as of
September 30, 2024, boasting a
US$3.2 billion contracted backlog as
of November 30, 2024. Since entering
the project development business in 2010, Canadian
Solar has developed, built, and connected approximately 11 GWp
of solar power projects and 3.7 GWh of battery energy storage
projects globally. Its geographically diversified project
development pipeline includes 26 GWp of solar and 66 GWh of battery
energy storage capacity in various stages of 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
comm_global@recurrentenergy.com
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SOURCE Canadian Solar Inc.