GUELPH,
Ontario, Dec. 7, 2017
/PRNewswire/ -- Recurrent Energy LLC ("Recurrent Energy"), a
wholly-owned subsidiary of Canadian Solar Inc. ("Canadian Solar")
(NASDAQ: CSIQ), today announced it has signed a 20-year power
purchase agreement ("PPA") for 45 megawatts ("MWac") of solar power
with Bay Area Rapid Transit ("BART"), the fifth largest public
transit network in the country and one of the largest consumers of
electric power in Northern
California. The BART Board of Directors approved the PPA on
December 7, 2017.
This contract, BART's first-ever PPA for utility-scale solar
power, resulted from a renewable energy procurement process that
BART launched in May 2017 as part of
the organization's Wholesale Electricity Portfolio Policy
("Policy"). The Policy requires 100 percent of BART's power to come
from renewable resources by 2045 while maintaining low and stable
BART operating costs.
"Utility-scale solar power is a vital part of cost-effectively
meeting our sustainability commitments," said BART Sustainability
Director Holly Gordon. "It is very
important to us to work with an experienced development partner
like Recurrent Energy who will help us achieve our goals."
Power will be supplied to BART from Recurrent Energy's 45 MWac
Gaskell West 2 solar photovoltaic project located in southern
California. The project is
scheduled to reach commercial operation in 2020.
"Solar power is a perfect match for BART's commitment to using
cost-effective and clean energy," said Dr. Shawn Qu, chairman and chief executive officer
of Canadian Solar. "We are proud to support BART's progress towards
100 percent renewable energy while also diversifying Recurrent
Energy's customer base."
BART is the first U.S. metro-rail entity to sign a utility-scale
solar PPA this year.
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 24 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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content:http://www.prnewswire.com/news-releases/bay-area-rapid-transit-signs-first-ever-utility-scale-solar-ppa-with-canadian-solar-subsidiary-recurrent-energy-300568724.html
SOURCE Canadian Solar Inc.