GUELPH, ON, March 20, 2024 /PRNewswire/ -- Recurrent Energy,
a subsidiary of Canadian Solar Inc. ("Canadian Solar") (NASDAQ:
CSIQ) and a global developer and owner of solar and energy storage
assets, announced today the acquisition of a solar PV portfolio in
the south of Spain with a capacity
of more than 420 MWp. Recurrent Energy currently has projects in
various stages of development in Spain and expects to start construction on
more than 1 GW of solar projects in the country in 2024.
The recently acquired portfolio is located in Carmona, a
municipality in Seville
(Andalusia) and consists of a cluster of four projects, Rey I, II,
III and IV, with an aggregate capacity of more than 420 MWp. These
projects are currently under construction and will feature Canadian
Solar's TopBiHiKu7 N-type bifacial TOPCon (Tunnel Oxide
Passivated Contact) technology modules.
Once completed, Project Rey will not only supply clean,
renewable energy, but also contribute economic and social benefits
to the local community, including creating jobs and enhancing
regional economic development.
The Rey portfolio is expected to produce approximately 916,000
MWh of clean energy each year, servicing the needs of more than
275,000 homes in the region and displacing approximately 184,000
tons of CO2 emissions.
Ismael Guerrero, CEO of
Recurrent Energy, said, "The acquisition of this solar
portfolio reflects our commitment to grow our assets both in
Spain and around the world. While
our goal is to strategically grow our development pipeline and
assets under management through greenfield development, we continue
to look for high-value acquisition opportunities. We are delighted
to add the Rey projects to our growing portfolio."
About Recurrent Energy
Recurrent Energy is one of the world's largest and most
geographically diversified utility-scale solar and battery energy
storage project development, ownership, and operations platforms.
With an industry-leading team of in-house energy experts, Recurrent
Energy is a wholly-owned subsidiary of Canadian Solar Inc. and
functions as Canadian Solar's global development and power services
business. Additional details are available at
http://www.recurrentenergy.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 energy storage
solutions, and developer of utility-scale solar power and battery
energy storage projects with a geographically diversified pipeline
in various stages of development. Over the past 22
years, Canadian Solar has successfully delivered over 118
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 around 10 GWp of solar power projects and 3.3 GWh of
battery energy storage projects across the world. Currently, the
Company has approximately 1 GWp of solar power projects in
operation, 7.4 GWp of projects under construction or in backlog
(late-stage), and an additional 19.9 GWp of projects in
advanced and early-stage pipeline. In addition, the Company has 600
MWh of battery energy storage projects in operation and a total
battery energy storage project development pipeline of
approximately 55 GWh, including approximately 3.5 GWh under
construction or in backlog, and an additional 51 GWh at advanced
and early-stage development. 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; 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. Investor Relations Contact
Wina Huang
Investor Relations
Canadian Solar Inc.
investor@canadiansolar.com
Recurrent Energy Media
Inquiries
Inés Arrimadas
Recurrent Energy
ines.arrimadas@recurrentenergy.com
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SOURCE Canadian Solar Inc.