Leading Pipeline Company, Energy Transfer, to Purchase Low-Cost Power from Recurrent Energy’s Maplewood 2 Solar Project, No...
November 03 2020 - 9:00AM
Business Wire
Energy Transfer and Recurrent Energy
Demonstrate the Benefits of a Symbiotic Relationship Between
Traditional Energy and Renewable Energy
Canadian Solar Inc. (“Canadian Solar”) (NASDAQ: CSIQ) today
announced its wholly-owned subsidiary, Recurrent Energy, LLC
(“Recurrent Energy”), is currently constructing the 28 MWac
Maplewood 2 Solar Project for Energy Transfer (NYSE: ET), a
Dallas-based Fortune 100 midstream energy company. Maplewood 2 is
located in Pecos County in the Permian Basin of West Texas, and
will deliver low-cost, clean power to Energy Transfer under a
15-year Power Purchase Agreement (PPA). This PPA marks Energy
Transfer’s first-ever dedicated solar contract.
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the full release here:
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“The Maplewood 2 Solar Project is our third project to be
constructed in Texas, bringing our total to more than 385 MWac of
low-cost clean solar projects built in the Lone Star State. We are
pleased that this project is now under construction, as it brings
us that much closer to delivering low-cost, clean power to Energy
Transfer,” said Dr. Shawn Qu, Chairman and Chief Executive Officer
of Canadian Solar.
“The Maplewood 2 Solar Project demonstrates our commitment to
reducing our environmental footprint by integrating alternative
energy sources when economically beneficial,” said Mackie McCrea,
President and Chief Commercial Officer, Energy Transfer. “While we
currently use a diversified mix of energy sources along with
emission-reducing technologies to operate our assets, this project
marks a new milestone for us as our first dedicated solar-powered
facility.”
Texas has led the production of energy since the discovery of
the Spindletop oilfield in 1901. The state’s geography and natural
resources, skilled labor force, and internal competitive power
market, the Electric Reliability Council of Texas (ERCOT), give it
an energy advantage. According to a report by Wood Mackenzie and
the Solar Energy Industries Association, Texas ranks 4th in the
U.S. for solar installed, with enough solar capacity to power more
than 640,000 homes, and is poised to become a nationwide leader
with more than 4 GW of capacity expected to be installed over the
next five years.
Dr. Qu added, “Our partnership with Energy Transfer on the
Maplewood 2 Solar Project is emblematic of the diverse Texas energy
landscape and represents the market-oriented business climate the
state is so well known for. It’s tremendous to be working with
Energy Transfer to provide an economical, clean energy solution
that will support their U.S. operations.”
The Maplewood 2 Solar Project is estimated to be in operation in
Q1 2021.
About Energy Transfer
Energy Transfer LP (NYSE: ET) owns and operates one of the
largest and most diversified portfolios of energy assets in the
United States, with a strategic footprint in all of the major
domestic production basins. ET is a publicly traded limited
partnership with core operations that include complementary natural
gas midstream, intrastate and interstate transportation and storage
assets; crude oil, NGL and refined product transportation and
terminalling assets; NGL fractionation; and various acquisition and
marketing assets. ET, through its ownership of Energy Transfer
Operating, L.P., also owns Lake Charles LNG Company, as well as the
general partner interests, the incentive distribution rights and
28.5 million common units of Sunoco LP (NYSE: SUN), and the general
partner interests and 46.1 million common units of USA Compression
Partners, LP (NYSE: USAC). For more information, visit the Energy
Transfer LP website at www.energytransfer.com
Energy Transfer Forward-Looking Statement
This press release may include certain statements concerning
expectations for the future that are forward-looking statements as
defined by federal law. Such forward-looking statements are subject
to a variety of known and unknown risks, uncertainties, and other
factors that are difficult to predict and many of which are beyond
management’s control. An extensive list of factors that can affect
future results are discussed in Energy Transfer LP’s Annual Report
on Form 10-K and other documents filed from time to time with the
Securities and Exchange Commission. In addition to the risks and
uncertainties previously disclosed, ET has also been, or may in the
future be, impacted by new or heightened risks related to the
COVID-19 pandemic and the recent decline in commodity prices, and
we cannot predict the length and ultimate impact of those risks. ET
undertakes no obligation to update or revise any forward-looking
statement to reflect new information or events.
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 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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version on businesswire.com: https://www.businesswire.com/news/home/20201103005152/en/
Canadian Solar Inc. Contacts Isabel Zhang Investor
Relations Canadian Solar Inc. investor@canadiansolar.com David
Pasquale Global IR Partners Tel: +1-914-337-8801
csiq@globalirpartners.com Recurrent Energy Media Relations
Contact McCall Johnson Director, External Affairs Recurrent
Energy pr@recurrentenergy.com Energy Transfer Investor Relations
Contacts Bill Baerg VP, Investor Relations Energy Transfer Tel:
214-981-0795 InvestorRelations@energytransfer.com Brent Ratliff VP,
Investor Relations Energy Transfer Tel: 214-981-0795
InvestorRelations@energytransfer.com Lyndsay Hannah Director,
Investor Relations Energy Transfer Tel: 214-981-0795
InvestorRelations@energytransfer.com Energy Transfer Media
Relations Contacts Vicki Granado VP, PR & Communications
Energy Transfer Tel: 214-840-5820 mediarelations@sunoco.com Amanda
Gorgueiro PR Specialist Energy Transfer Tel: 214-840-5820
mediarelations@sunoco.com
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