GUELPH, Ontario, Jan. 24, 2017 /PRNewswire/ -- Canadian Solar Inc.
(the "Company", or "Canadian Solar") (NASDAQ: CSIQ) wholly owned
subsidiary and leading solar project developer Recurrent Energy
today announced a 20-year Power Purchase Agreement (PPA) for 60
MWac of solar power with the Sacramento Municipal Utility District
(SMUD).
SMUD will receive electricity from the 60 MWac Tranquillity 8
Verde solar photovoltaic (PV) project, located in Fresno County, California. Construction of the
project is expected to begin in mid-2017. The project, which will
generate enough electricity to power approximately 15,000 homes,
will begin delivering power to SMUD in support of its SolarShares
program and other renewable energy goals by early 2018.
"SMUD continues to add more renewable, non-carbon supplies to
our power mix," said Sherri Gervin,
SMUD Supervising Principal Energy Trading Commodity Contracts
Specialist. "SMUD was the first large California utility to have 20 percent of its
power supply come from sources classified by California as renewable, and is on track to
meet the state mandate requiring utilities to increase their
renewable portfolio to 33 percent by 2020. In the last decade the
renewable portion of our power mix has grown from 7 percent to 28
percent," said Gervin.
Tranquillity 8 Verde is Recurrent Energy's fifth solar project
with SMUD. In 2012, Recurrent Energy completed a portfolio of four
projects that supply power to SMUD under multiple 20-year PPAs.
"We are proud to partner with SMUD to continue delivering
reliable, cost-competitive solar power to their customers," said
Dr. Shawn Qu, chairman and chief
executive officer of Canadian Solar. "SMUD is a leader in driving
adoption of large-scale solar power and should be commended for its
sustained commitment."
Tranquillity 8 Verde is part of the 200 MWac Tranquillity 8
project being developed by Recurrent Energy. The remaining 140 MWac
will be purchased by MCE, PG&E and SCE under long-term power
purchase agreements.
About SMUD
As the nation's sixth-largest community-owned electric service
provider, SMUD has been providing low-cost, reliable electricity
for about 70 years to Sacramento
County (and small adjoining portions of Placer and Yolo Counties). SMUD is a recognized industry
leader and award winner for its innovative energy efficiency
programs, renewable power technologies, and for its sustainable
solutions for a healthier environment. For more information about
SMUD, visit https://www.smud.org/.
About Recurrent Energy
Recurrent Energy, a U.S. subsidiary of Canadian Solar Inc., is
redefining what it means to be a mainstream clean energy company,
with utility-scale solar plants that provide competitive clean
electricity. The company has more than 4 GW of solar projects in
development in North America.
Additional details are available at: www.recurrentenergy.com
About Canadian Solar Inc.
Founded in 2001 in Canada,
Canadian Solar is one of the world's largest and foremost solar
power companies. As a leading manufacturer of solar photovoltaic
modules and provider of solar energy solutions, Canadian Solar also
has a geographically diversified pipeline of utility-scale power
projects in various stages of development. In the past 16 years,
Canadian Solar has successfully delivered over 17 GW of premium
quality modules to over 90 countries around the world. Furthermore,
Canadian Solar is one of the most bankable companies in the solar
industry, having been publicly listed on 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 regarding the Company's
expected future shipment volumes, gross margins, business prospects
and future results, 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 and economic conditions and the
state of the solar industry; 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., India and China; changes in customer order patterns;
changes in product mix; capacity utilization; level of competition;
pricing pressure and declines in average selling prices; delays in
new product introduction; delays in utility-scale project approval
process; delays in utility-scale project construction; cancelation
of utility-scale feed-in-tariff contracts in Japan; continued success in technological
innovations and delivery of products with the features customers
demand; shortage in supply of materials or capacity requirements;
availability of financing; exchange rate fluctuations; litigation
and other risks as described in the Company's SEC filings,
including its annual report on Form 20-F filed on April 20, 2016. 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.
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SOURCE Canadian Solar Inc.