GUELPH, Ontario, July 21, 2020 /PRNewswire/ -- Canadian Solar
Inc. ("Canadian Solar") (NASDAQ: CSIQ) today announced its
wholly-owned subsidiary, Recurrent Energy, LLC ("Recurrent
Energy") closed $282 million of debt
financing to construct its Maplewood and Maplewood 2 solar projects, located in
Pecos County in the Permian Basin
of West Texas. The financing was
provided by a bank club led by Norddeutsche Landesbank ("Nord/LB"),
which included Export Development Canada ("EDC"), Rabobank,
National Bank of Canada ("NBC")
and Bayerische Landesbank ("Bayern/LB").
"We are pleased to partner with Nord/LB, EDC, Rabobank, NBC and
Bayern/LB in this important financing," said Dr. Shawn Qu, Chairman and Chief Executive Officer
of Canadian Solar. "We are appreciative of these long-standing
relationships with leading financial partners, and value their
continued support and trust as we execute on our growing pipeline
in the United States."
"We are very happy to close this deal with Recurrent," said
Nicolai Dillow, Head of Originations
for Nord/LB in the Americas. "Recurrent proved once again to be a
nimble and thoughtful partner in this complex financing."
The Maplewood Solar Project has a capacity of 327 MWp and will
deliver clean energy to Anheuser-Busch under a power purchase
agreement ("PPA"), contributing to the brewer's 2025 sustainability
goals for the United States, which
include a 100 percent renewable purchased electricity target and a
25 percent reduction of carbon dioxide emissions across its supply
chain. The clean energy delivered by the Maplewood Solar Project is
estimated to cover 50 percent of the electricity consumption of
Anheuser-Busch's U.S. operations.
The 40 MWp Maplewood 2 Solar Project will deliver clean power to
a Dallas-based Fortune 100 oil and
gas pipeline company, Energy Transfer Partners, under a 15-year
PPA. This PPA marks Energy Transfer's first-ever dedicated solar
contract.
The projects will utilize Canadian Solar's high efficiency
bifacial modules which, relative to traditional monofacial
modules, produce electricity from both sides of the panel thereby
increasing total energy generation and improving reliability during
winter months.
According to a report by Wood Mackenzie and the Solar Energy
Industries Association, Texas has
the 4th largest solar installed base in the U.S., with
currently over 4,300 MW of solar capacity powering nearly 500,000
homes, and an additional 13,300 MW expected to be installed over
the next 5 years . Dr. Shawn
Qu added, "Texas is
leading the energy transition by using technology to deliver
competitive, affordable and reliable energy for consumers. We are
pleased to contribute to the growth of solar in Texas while creating new jobs and supporting
economic growth in communities across the state."
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 North American 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.
Canadian Solar was founded in 2001 in Canada and is one of the world's largest solar
power companies. It is a leading manufacturer of solar photovoltaic
modules and provider of solar energy solutions and has a
geographically diversified pipeline of utility-scale solar power
projects in various stages of development. Over the past 19 years,
Canadian Solar has successfully delivered over 43 GW of
premium-quality, solar photovoltaic modules to customers in over
150 countries. 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 Form 20-F filed
on April 28, 2020. 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.