Papago Storage will be the largest standalone
energy storage project in Arizona
GUELPH,
ON, Aug. 16, 2023 /PRNewswire/
-- Canadian Solar Inc. (the "Company", or "Canadian
Solar") (NASDAQ: CSIQ) announced today that Recurrent
Energy, its wholly-owned subsidiary for global project development
and power services, secured a 20-year tolling agreement with
Arizona Public Service Company ("APS") for Papago Storage, a 1,200
MWh energy storage project under development in Maricopa County, Arizona. Construction of
Papago Storage is expected to begin in the third quarter of 2024
with planned commercial operation in the second quarter of 2025.
Once operational, Papago Storage will be the largest standalone
energy storage project in Arizona.
The tolling agreement award for Papago Storage comes as
Arizona, and states across the
U.S., face record electricity demand. The energy storage capacity
provided by Papago Storage will complement Arizona's growing solar energy capacity and
will also help the state meet surging electricity demand.
Recurrent Energy is one of the world's largest and most
geographically diversified utility-scale solar and battery storage
platforms, with a track record of delivering 9 GW of solar and 3
GWh of battery storage power plants now in operation across six
continents. In 2022, Recurrent Energy brought online 2 GWh of
energy storage in the U.S., making it one of the largest energy
storage developers in the country.
Dr. Shawn Qu, Chairman and CEO, Canadian
Solar, commented, "This landmark project - Papago Storage -
will give Arizonans more renewable energy every day. Recurrent
Energy is delighted that Arizona Public Service selected Papago
Storage via its rigorous competitive procurement process to support
its 1.3 million customers' growing need for affordable and reliable
energy storage, and we look forward to growing our partnerships
with APS and other utilities that are adding record amounts of
energy storage in their service areas."
Recurrent Energy began developing Papago Storage in 2016.
Following construction, Recurrent Energy will own and operate
Papago Storage, as a part of its objective to expand its asset
ownership. Once operational, the project will dispatch enough power
for approximately 244,000 homes for four hours every day.
APS is Arizona's largest and
longest-serving electric company, serving more than 1.3 million
commercial and residential customers in 11 of Arizona's 15 counties. The electric company
has committed to serving its customers with 100% clean and
carbon-free energy by 2050.
The tolling agreement award for Papago Storage resulted from
APS's All Resource RFP (request for proposal) conducted in
May 2022. APS sought 1 to 1.5 GW of
resources, including up to 800 MW of renewable energy.
About Canadian Solar
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 22 years, Canadian Solar has
successfully delivered around 94 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 8.8 GWp in over
20 countries across the world. Currently, the Company has
approximately 609 MWp of projects in operation, 6.9 GWp of projects
under construction or in backlog (late-stage), and an additional
17.7 GWp of projects in advanced and early-stage pipeline.
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.
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, regulatory and economic conditions and
the state of the solar and battery storage market and industry;
geopolitical tensions and conflicts, including impasses, sanctions
and export controls; volatility, uncertainty, delays and
disruptions related to the COVID-19 pandemic; supply chain
disruptions; 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., China, Brazil and Europe;
changes in effective tax rates; changes in customer order patterns;
changes in product mix; changes in corporate responsibility,
especially environmental, social and governance ("ESG")
requirements; capacity utilization; level of competition; pricing
pressure and declines in or failure to timely adjust 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 that customers demand; shortage in
supply of materials or capacity requirements; availability of
financing; exchange and inflation rate fluctuations; uncertainties
related to the CSI Solar carve-out listing; litigation and
other risks as described in the Company's filings with the
Securities and Exchange Commission, including its annual report on
Form 20-F filed on April 18, 2023.
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. Contacts
Isabel Zhang
Investor Relations
Canadian Solar Inc.
investor@canadiansolar.com
David Pasquale
Global IR Partners
914-337-8801
csiq@globalirpartners.com
Recurrent Energy Media Inquiries
Ally Copple
Innovant Public Relations
713-201-8800
Ally@InnovantPR.com
View original
content:https://www.prnewswire.com/news-releases/arizona-public-service-awards-recurrent-energy-with-1-200-mwh-energy-storage-tolling-agreement-301902320.html
SOURCE Canadian Solar Inc.