REDWOOD CITY, Calif. and
GUELPH, Ontario, Canada,
Sept. 12, 2017 /PRNewswire/ --
Recurrent Energy and Peninsula Clean Energy ("PCE") today announced
a 15-year Power Purchase Agreement ("PPA") for 100 megawatts of new
solar power. Recurrent Energy is a wholly-owned subsidiary of
Canadian Solar, Inc. (the "Company", or "Canadian Solar") (NASDAQ:
CSIQ), and PCE is the community choice energy agency serving
San Mateo County.
Electricity will be delivered to PCE from Recurrent Energy's
Mustang Two solar photovoltaic project in Kings County, in central California. The project is expected to reach
commercial operation in 2019. Following commercial operation, the
project will begin delivering power to PCE pursuant to the terms of
the PPA.
"With this project, PCE has contracted for over 300 megawatts of
clean, renewable energy from new facilities that are being built
specifically to serve our customers in San Mateo County," said Jan Pepper, CEO of PCE. "Recurrent Energy is an
excellent partner for communities like ours that want access to
cost-effective, clean electricity from California."
"We are proud to help PCE meet their customers' growing demand
for clean energy," said Dr. Shawn
Qu, chairman and chief executive officer of Canadian Solar.
"This contract is an important part of growing our future U.S.
project development pipeline."
The Mustang Two solar project has a Project Labor Agreement
(PLA) with the International Brotherhood of Electrical Workers
(IBEW), Ironworkers, Carpenters, Laborers, and Operating Engineers
for the construction of the solar project. It is expected to have a
peak construction labor force of approximately 400 workers.
About Peninsula Clean Energy
Peninsula Clean Energy (PCE) is San
Mateo County's official electricity provider. PCE is a
public, locally-controlled community choice energy program that
provides all electric customers in San
Mateo County the choice of having electricity supplied from
clean, renewable sources at competitive rates. PCE's default
option, ECOplus, is 50% renewable and 75% greenhouse gas emissions
free, at a generation rate that is priced 5% less than PG&E.
PCE's ECO100 option is 100% renewable and 100% greenhouse gas
emissions free. The Peninsula Clean Energy Authority, formed in
March 2016, is a joint powers
authority made up of the County of San
Mateo and all 20 cities in the County. PCE serves
approximately 300,000 accounts.
About Recurrent Energy
Recurrent Energy is a leading utility-scale solar project
developer, delivering competitive, clean electricity to large
energy buyers. Based in the U.S., Recurrent Energy is a wholly
owned subsidiary of Canadian Solar, Inc. and functions as Canadian
Solar's U.S. project development arm. Recurrent Energy has more
than 4 GW of solar projects in development in the U.S. 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 a provider of solar energy solutions, Canadian Solar
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 22 GW of premium
quality modules to over 100 countries around the world.
Furthermore, Canadian Solar is one of the most bankable companies
in the solar industry, having been publically listed on NASDAQ
since 2006. For additional information about the company, follow
Canadian Solar on LinkedIn or visit www.canadiansolar.com.
Canadian Solar's 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 27, 2017. 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.