The 160 MW North Fork Solar Project is now
in operation, supplying power to the Oklahoma Municipal Power
Authority
GUELPH,
ON, June 27, 2024 /PRNewswire/ -- Recurrent
Energy, a subsidiary of Canadian Solar Inc. ("Canadian Solar")
(NASDAQ: CSIQ) and a global developer, owner, and operator of solar
and energy storage assets, announced today that it has signed a
$103 million tax credit facilitation
agreement with Bank of America for its North Fork Solar Project
("North Folk Solar"). The 160 MW solar project, located southwest
of Oklahoma City, is now
operational.
To celebrate the commencement of operations,
Recurrent Energy and Oklahoma Municipal Power Authority ("OMPA"),
hosted a ribbon-cutting ceremony on June 26,
2024. OMPA, which serves 42 municipally-owned electric
systems in Oklahoma, will purchase
100% of the energy produced by North Fork Solar under a 15-year
agreement. Recurrent Energy will continue to own and operate the
project long-term.
This tax equity agreement marks Recurrent
Energy's first production tax credit (PTC) transaction and first
tax credit transfer transaction. By transferring tax credits to
Bank of America, Recurrent Energy can access funding more quickly
and efficiently.
At its peak, North Folk Solar employed
approximately 500 construction workers. Blattner provided
engineering, procurement, and construction services, enlisting
several local companies as subcontractors.
During its operation, North Fork Solar will
contribute about $26 million to
community services. Throughout project's development and
construction, Recurrent Energy supported local initiatives,
including the Snyder 4-H and FFA, Snyder
Prom, and Cyclone Educational Foundation.
Recurrent Energy began developing North Fork
Solar in 2018. NordLB and Rabobank provided project financing for
North Fork Solar. CRC-IB and Latham & Watkins advised Recurrent
Energy on the tax credit transfer transaction.
David Osburn,
OMPA General Manager, commented, "OMPA is excited to add the
first large-scale solar project to our resource mix. This addition
will further diversify our energy sources and provide our member
cities with more energy options to offer their customers. We look
forward to maintaining a long-term relationship with Recurrent
Energy."
Karen Fang,
Global Head of Sustainable Finance at Bank of America,
remarked, "This transaction demonstrates our ability to support
clients by helping build a new market for transferable tax credits.
As part of our $1.5 trillion
commitment to deploying and mobilizing sustainable finance capital
by 2030, we are focused on accelerating and scaling renewable
energy projects like North Folk Solar."
Ismael
Guerrero, CEO of Recurrent Energy, added, "North Fork
Solar is now bolstering Oklahoma's
energy growth and resilience. We thank our many partners who
supported this project from development through to operations. We
are pleased to work with our partners at Bank of America to execute
one of the market's first tax credit transfer transactions."
About Recurrent Energy
Recurrent Energy
is one of the world's largest and most geographically diversified
utility-scale solar and energy storage project development,
ownership and operations platforms, with an industry-leading team
of in-house energy experts. Recurrent Energy is a subsidiary of
Canadian Solar Inc. Additional details are available at 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 23 years, Canadian Solar has
successfully delivered over 125 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 10 GWp of solar power
projects and 3.3 GWh of battery energy storage projects across the
world. Currently, the Company has over 1.2 GWp of solar power
projects in operation, 6.5 GWp of projects under construction or in
backlog (late-stage), and an additional 19.8 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 around 56
GWh, including approximately 4.3 GWh under construction or in
backlog, and an additional 51.6 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 Canadian
Solar's filings with the Securities and Exchange Commission,
including its annual report on Form 20-F filed on April 26, 2024. Although Canadian Solar and
Recurrent Energy believe 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 and
Recurrent Energy undertake 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 Contact
Inés
Arrimadas
Recurrent Energy
comms@recurrentenergy.com
Ally
Copple
Innovant Public Relations
713-201-8800
Ally@InnovantPR.com
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SOURCE Canadian Solar Inc.