GUELPH, ON,
May 3, 2022 /PRNewswire/
-- Recurrent Energy, LLC ("Recurrent"), a wholly owned
subsidiary of Canadian Solar Inc. ("Canadian Solar") (NASDAQ:
CSIQ), today announced that the Louisiana Public Service Commission
(LPSC) has approved a power purchase agreement for the 132 MW dc/
98 MWac Bayou Galion solar project located in Morehouse Parish in Northeast Louisiana.
The Bayou Galion solar project is expected to start construction
and begin operation in 2024. Once in operation, the project is
capable of powering more than 18,000 homes annually and offsetting
the equivalent of 170 metric tons of CO2 emissions per
year.
The Bayou Galion solar project is a part of 1803 Electric
Cooperative's ("1803 Electric Coop") recently approved power
generation portfolio to supply energy to five Louisiana rural electric cooperatives for the
next 20 years. The approved portfolio includes 343 MWac of solar
energy, including Recurrent's 98 MWac Bayou Galion solar project,
and will significantly increase the amount of solar energy capacity
in the state. As of year-end 2021, Louisiana had approximately 200 MW of
solar energy installed.
Dr. Shawn Qu, chairman and CEO of
Canadian Solar, said, "Solar energy is the lowest cost new energy
resource across the U.S. and we are pleased to support 1803
Electric Coop's goals to bring lower rates for its members. We look
forward to continuing to advance the development of the Bayou
Galion solar project and starting construction in 2024."
LPSC Chairman Craig Greene said
at the commission meeting, "1803 followed all of the commission
rules and conducted a competitive RFP, whereby 31 bidders put forth
197 qualifying offers. This robust response to 1803's RFP I think
is a powerful indication that a broad cross-section of companies
want to invest in Louisiana's
energy future and deliver lower rates with reliable, flexible
options to customers. This is a great day for the state of
Louisiana and for this
commission."
Charles Hill, General Manager of
1803 Electric Coop, said, "Being able to provide a reduction in
future rates for our members is extraordinary. We are pleased to
partner with Recurrent Energy, a well-respected solar and energy
storage developer, and we look forward to bringing this project
online."
LPSC Commissioner Foster
Campbell, who represents the parish where the Bayou Galion
project will be located, said, "I am confident that 1803's
proposal and Recurrent Energy's project will provide reliable and
inexpensive power to these Louisiana co-ops for years to come. In
addition, Recurrent's Bayou Galion project will bring around 300
construction jobs to our area."
1803 Electric Coop's members serve approximately 120,000 members
in Louisiana. ACES administered the selection process for the
entire selected and approved power generation portfolio on behalf
of 1803 Electric Coop.
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 67 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 6.3 GWp in over 20 countries across the world.
Currently, the Company has around 445 MWp of solar projects in
operation, nearly 6 GWp of projects under construction or in
backlog (late-stage), and an additional 18.6 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 28, 2022. 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
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SOURCE Canadian Solar Inc.