GUELPH, ON, May 3, 2022 /PRNewswire/ — Recurring 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 Bayou Galion Solar Project. /98 MWac located at Morehouse Parish in Northeast Louisiana.
The Bayou Galion Solar Project is expected to begin construction and begin operations in 2024. Once in operation, the project is capable of powering over 18,000 homes per year and offsetting the equivalent of 170 metric tons of CO2 emissions per year.
The Bayou Galion solar project is part of 1803 Electric Cooperative’s (“1803 Electric Coop”) recently approved power generation portfolio to supply power to five Louisiana rural electric cooperatives for the next 20 years. The approved portfolio includes 343 MWac of solar power, including Recurrent’s 98 MWac Bayou Galion Solar Project, and will significantly increase solar power capacity in the state. At the end of 2021, Louisiana had about 200MW of solar energy installed.
dr. Shawn QuPresident and CEO of Canadian Solar, said, “Solar power is the cheapest new energy resource in the United States and we are pleased to support 1803 Electric Coop’s goals to 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.”
President of the LPSC Craig Green said at the commission meeting, “1803 followed all commission rules and issued a competitive tender, in which 31 bidders submitted 197 eligible bids. This strong response to the tender 1803 deals, I think, is a powerful indication that a wide range of companies want to invest in louisiana the energy future and offer lower tariffs with reliable and flexible options to customers. It’s a great day for the state of Louisiana and for this commission.”
Charles HillGeneral Manager of 1803 Electric Coop, said, “To be able to offer a reduction in future rates to our members is extraordinary. We are thrilled to partner with Recurrent Energy, a well-respected solar power and energy storage developer, and we look forward to bringing this project online.”
LPSC Commissioner Foster Campbellwho represents the parish where the Bayou Galion project will be located, said: “I am confident that the 1803 proposal and the Recurrent Energy project will provide reliable and inexpensive energy to these Louisiana cooperatives for years to come. In addition, Recurrent’s Bayou Galion project will bring approximately 300 construction jobs to our region. »
Members of 1803 Electric Coop serve approximately 120,000 members in Louisiana. ACES administered the selection process for the entire power generation portfolio selected and approved on behalf of 1803 Electric Coop.
About Canadian Solar Inc.
Canadian Solar was founded in 2001 in Canada and is one of the largest solar technology and renewable energy companies in the world. It is one of the leading manufacturers of photovoltaic solar panels modssolar energy provider and battery storage solutionsand developer of large scale solar energy and battery storage projects with a geographically diverse pipeline in various stages of development. Over the past 20 years, Canadian Solar has successfully delivered over 67 GW of premium quality solar PV modules to customers around the world. Similarly, since entering the project development business in 2010, Canadian Solar has developed, built and connected more than 6.3 GWp in more than 20 countries around the world. Currently, the Company has approximately 445 MWp of solar projects in operation, nearly 6 GWp of projects under construction or behind schedule (advanced stage) and an additional 18.6 GWp of ongoing projects (mid to early stage). Canadian Solar is one of the most bankable companies in the solar and renewable energy industry, having been listed on NASDAQ since 2006. For more company news, follow Canadian Solar on LinkedIn or visit www.canadiansolar.com
About Recurring Energy (Canadian Solar Branch)
Recurrent Energy is a leading developer of large-scale solar and storage projects, providing clean, competitive electricity to large energy buyers. Based in the United States, Recurrent Energy is a wholly owned subsidiary of Canadian Solar Inc. and operates as the US project development arm of Canadian Solar. Recurrent Energy has approximately 5 GW of solar and storage projects under development in the United States. Further 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 pursuant to the “Safe Harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. In some cases, you can identify forward-looking statements by words such as “believes”, “expects”, “anticipates”, “intends”, “estimates”, the negative form of these terms, or any 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; government support for the deployment of solar energy; future available supplies of high purity silicon; consumer demand for end-use products and supply chain inventory levels of such products; changes in demand from major customers; the evolution of demand from the main markets such as JapanUnited States, India, China and Brazil; changes in customer ordering habits; changes in product range; usability; level of competition; pressure on prices and lower average selling prices; delays in the introduction of new products; delays in the approval process for large-scale projects; delays in the construction of large-scale projects; delays in completing project sales; delays in the qualification process for the listing of the subsidiary CSI Solar in the PRC; continued success in technological innovations and the delivery of products with the characteristics requested by customers; shortage of material supply or capacity requirements; availability of funding; logistical challenges that could increase the Company’s costs of selling; exchange rate fluctuations; dispute; the potential initiation of an anti-circumvention investigation and other risks as described in the Company’s filings with the SEC, 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 noted, and Canadian Solar assumes no obligation to update such information except as required by applicable law.
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SOURCE Canadian Solar Inc.