The project is expected to reach
commercial operation in Q4 2022
GUELPH,
ON and MIAMI,
April 7, 2022
/PRNewswire/ -- Canadian Solar Inc. ("Canadian Solar")
(NASDAQ: CSIQ) through its wholly-owned subsidiary Recurrent
Energy, LLC ("Recurrent") and Matrix Renewables, the TPG
Rise-backed global renewable energy platform, today announced
an agreement whereby Matrix Renewables will acquire the
Gaskell West 2 and 3 project of 105 MWac solar plus 80 MWh energy
storage.
The Gaskell West 2 and 3 project is located in Kern County, California, and is fully
contracted holding five long term power purchase agreements with
cities and utilities in California. The solar plus storage
project is expected to reach commercial operation in
late 2022, and will generate enough clean and low-cost
electricity to power approximately 16,800 California homes and displace approximately
178,500 metric tons of carbon emissions each year. This hybrid
project marks the first transaction between Matrix Renewables
and Recurrent.
Canadian Solar's majority-owned subsidiary CSI Solar will
support the project by providing the turnkey battery storage
solution for the 80 MWh storage part of the project. The integrated
technology solution includes the supply, installation and
commission of a lithium iron phosphate-based battery system. In
addition, CSI Solar will support the battery storage
system with capacity and performance guarantees, ensuring system
output, safety and reliability.
Matrix Renewables has been expanding its presence in
the United States, its sixth
country of operations, and opened its U.S. headquarters in
Miami, Florida in August 2021.
Cindy Tindell, Managing
Director and Head of U.S. for Matrix Renewables, commented,
"Through this project, we are continuing to grow our presence in
the U.S., drawing from Matrix Renewables' ambitions to become a
major renewables platform across the U.S., Europe and Latin
America. We are pleased to partner with Canadian Solar and
Recurrent on a project that will leverage our combined expertise to
provide clean, affordable power to the state of California."
Dr. Shawn Qu, Chairman
and CEO of Canadian Solar, said, "Co-locating energy storage
with solar is critical to providing affordable, dispatchable and
clean renewable electricity, especially during peak demand hours in
the evening, thereby meaningfully increasing the value of our
projects for our customers and partners. The execution of this
project demonstrates Canadian Solar's growing expertise in battery
storage, both in its development as well as delivering the
integrated technology solution. This is yet another battery storage
project that our project development and system solutions teams are
delivering in California,
following the Mustang, Slate and Crimson battery storage projects.
We are pleased to partner with Matrix Renewables in this project
and look forward to further contributing to California's efforts to decarbonize its
economy, while creating long-lasting benefits to the local
community."
About Matrix Renewables
Matrix Renewables is a renewable energy platform created and
backed by global alternative asset manager TPG and its $14 billion impact investing platform TPG Rise.
Matrix Renewables' current portfolio is comprised of 2.1 GW of
operational, under construction, or near ready-to-build solar PV
projects and a further 2.7 GW pipeline of renewable energy projects
under development, across the US, Europe, and Latin
America. For more information, visit matrixrenewables.com or
send an email to info@matrixrenewables.com.
About Canadian Solar Inc.
Canadian Solar was founded in 2001 in Canada and is one of the world's largest solar
technology and renewable energy companies. It is a leading
manufacturer of solar photovoltaic modules, provider of solar
energy and battery storage solutions, and developer of
utility-scale solar power and battery storage projects with a
geographically diversified pipeline in various stages of
development. Over the past 20 years, Canadian Solar has
successfully delivered over 63 GW of premium-quality, solar
photovoltaic modules to customers across the world. Likewise,
since entering the project development business in 2010, Canadian
Solar has developed, built and connected over 6.2 GWp in over
20 countries across the world. Currently, the Company has around
430 MWp of solar projects in operation, nearly 7 GWp of projects
under construction or in backlog (late-stage), and an additional 17
GWp of projects in pipeline (mid- to early- stage). Canadian Solar
is one of the most bankable companies in the solar and renewable
energy industry, having been publicly listed on the NASDAQ since
2006. For additional information about the Company, follow
Canadian Solar on LinkedIn or
visit www.canadiansolar.com
About Recurrent Energy (Canadian Solar Subsidiary)
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.
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;
volatility, uncertainty, delays and disruptions related to the
COVID-19 pandemic; 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, China and Brazil; 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;
delays in the process of qualifying to list the CSI
Solar subsidiary in the PRC; 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; logistical
challenges that could increase the selling costs of the Company;
exchange rate fluctuations; litigation; potential initiation of an
anti-circumvention investigation and other risks as described in
the Company's SEC filings, including its annual report on
Form 20-F filed on April 19, 2021. 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.
Canadian Solar Inc. Investor
Relations 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
Ally Copple
Innovant Public Relations
Ally@InnovantPR.com
Matrix Renewables Media Relations
Contact
Kirsty
Whatmough
kwhatmough@webershandwick.com
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content:https://www.prnewswire.com/news-releases/canadian-solar-and-matrix-renewables-announce-transaction-for-105-mwac-solar-plus-80-mwh-storage-project-in-california-301519844.html
SOURCE Canadian Solar Inc.