GUELPH, Ontario, Jan. 5, 2022
/PRNewswire/ -- Canadian Solar Inc. ("Canadian Solar")
(NASDAQ: CSIQ) today announced its wholly-owned subsidiary,
Recurrent Energy, LLC ("Recurrent"), has completed a purchase
and sale agreement with Appalachian Power for Recurrent's Firefly
Energy solar project located in Pittsylvania County, Virginia. With a capacity
of 150 MWac, the Firefly project will be Appalachian Power's
largest solar energy acquisition to date and will help the
utility meet its clean energy requirements under the Virginia Clean
Economy Act (VCEA).
The Firefly Energy solar project will be developed and
constructed by Recurrent under a Build Transfer Agreement (BTA).
Once construction is completed, Appalachian Power, which serves
customers in Virginia,
West Virginia, and
Tennessee, will be the long-term
owner of the project. Pending local and state permits and other
regulatory approvals, construction of the project is expected to
start in early 2023 and reach commercial operation in 2024.
Recurrent received approval on its Siting Agreement for the
Firefly project last month from the Pittsylvania County Board of Supervisors. The
agreement provides $2.25 million in
upfront payments to Pittsylvania
County in addition to long-term revenue for public services
over the life of the project. "We appreciate Recurrent
working with the County to strike a balance that allows solar
development to happen in a way that minimizes visual impact and
positively impacts our community,"
said County Administrator David
Smitherman.
"The 150 MWac Firefly project in Virginia expands our growing footprint across
the eastern United States,
delivering turnkey projects for utilities and other investors,"
said Dr. Shawn Qu, chairman and CEO
of Canadian Solar. "We are pleased to have been selected through a
competitive process and to be a part of Appalachian Power's major
solar energy expansion. We look forward to advancing this project
through development and construction, and delivering a renewable
solar energy project to Appalachian Power that will help them serve
their Virginia customers."
Passed in 2020 by the Virginia General Assembly, the VCEA seeks
to end carbon dioxide emissions from the utility industry in
Virginia. Appalachian Power
intends to meet its VCEA targets primarily through future
investments in solar, wind, energy storage, and energy efficiency
measures.
"This will be our largest solar project yet in our journey to
deliver clean, reliable power to our customers," said Chris Beam, Appalachian Power president and
chief operating officer. "We are eager to work with Recurrent and
for the significant economic benefits construction will have on the
surrounding community."
Appalachian Power has 1 million customers in Virginia, West
Virginia and Tennessee (as
AEP Appalachian Power). It is part of American Electric Power,
which is focused on building a smarter energy infrastructure and
delivering new technologies and custom energy solutions. AEP's
approximately 16,800 employees operate and maintain the nation's
largest electricity transmission system and more than 223,000 miles
of distribution lines to efficiently deliver safe, reliable power
to nearly 5.5 million customers in 11 states. AEP is also one of
the nation's largest electricity producers with approximately
30,000 megawatts of diverse generating capacity, including 5,500
megawatts of renewable energy.
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.
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SOURCE Canadian Solar Inc.