GUELPH, Ontario, Dec. 3, 2018 /PRNewswire/ -- Canadian Solar Inc.
("Canadian Solar") (NASDAQ: CSIQ), today announced its wholly owned
subsidiary Recurrent Energy, LLC ("Recurrent Energy") has signed a
25-year power purchase agreement ("PPA") for the 63 MWac/88 MWp
Stanford Solar Generating Station #2.
The Stanford Solar Generating Station #2, located on over 400
acres in Kings County, California,
will power the equivalent of 15,750 homes with clean electricity.
This photovoltaic ("PV") project, together with Stanford University's existing 67 MWp solar PPA and
its 5 MWp rooftop installation, will produce enough clean renewable
electricity each year to equal the university's annual electricity
consumption.
"This power purchase agreement with Stanford University demonstrates Recurrent Energy's
ability to work with a diversified customer base in California and across the U.S. We've long
partnered with different types of load-serving entities, such as
investor-owned and publicly-owned utilities, and we're a known
leader for our partnerships with CCAs. Now, we are delighted to
also demonstrate our ability to meet the needs of direct access
customers," said Dr. Shawn Qu,
chairman and chief executive officer of Canadian Solar. "We feel
honored to help Stanford University
achieve its goal to source 100 percent of its campus' electricity
from renewable energy."
As part of Recurrent Energy's Slate project portfolio, the
Stanford Solar Generating Station #2 is scheduled to enter
operation in 2021. Canadian Solar announced last month that another
150 MWac portion of the Slate portfolio has PPAs executed with
Silicon Valley Clean Energy and Monterey Bay Community Power.
About Recurrent Energy
Recurrent Energy is a leading utility-scale solar and storage
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
approximately 5 GW of solar and storage 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 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 17
years, Canadian Solar has successfully delivered over 30
GW of premium quality modules to over 150 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.
Canadian Solar's 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 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; delays in the completion of project sales; 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 26, 2018. 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.