Canadian Solar Subsidiary Recurrent Energy receives approval
GUELPH, Ontario, April 14, 2020 /PRNewswire/ -- Canadian Solar Inc. ("Canadian Solar") (NASDAQ: CSIQ), today announced its wholly-owned subsidiary, Recurrent Energy, LLC ("Recurrent Energy"), has received unanimous approval from the Mississippi Public Service Commission on the build-transfer agreement ("BTA") with Entergy Mississippi.
The BTA has a base purchase price of approximately $138.4 million with Entergy Mississippi on the 100 megawatt ("MWac") Sunflower solar photovoltaic project. With the signing of this BTA, one of the first signed in the U.S., Entergy will own the largest solar power plant in the state of Mississippi.
"We would like to thank the Commission for its approval of this build-and-transfer agreement that will allow us to move ahead with the Sunflower project," said Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar. "This agreement with Entergy is another milestone that underscores Recurrent Energy's leadership position in the U.S. solar development space. We are proud to do our part to expand the use of clean renewable energy from the sun in Mississippi, and to advance the goal of building an environmentally-friendly, low-carbon future."
Recurrent Energy will develop the 100 MWac Sunflower solar project, located on approximately 1,000 acres of land in Sunflower County, Mississippi. The project will use high-efficiency modules from Canadian Solar and single-axis trackers. Construction of the solar plant is expected to create approximately 360 jobs and the plant will begin commercial operation by mid-2022. Once operational, Entergy Mississippi will own the Sunflower project, allowing the regulated utility to power more than 16,000 homes with clean electricity.
"Once the Sunflower Solar Facility is complete, we'll be able to offer renewable energy as part of our customers' energy mix," said Haley Fisackerly, Entergy Mississippi President and Chief Executive Officer. "This facility represents one more way we are building the utility of the future."
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About Recurrent Energy
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.
About Canadian Solar Inc.
Canadian Solar was founded in 2001 in Canada and is one of the world's largest solar power companies. It is a leading manufacturer of solar photovoltaic modules and provider of solar energy solutions and has a geographically diversified pipeline of utility-scale solar power projects in various stages of development. Over the past 19 years, Canadian Solar has successfully delivered over 40 GW of premium-quality, solar photovoltaic modules to customers in over 150 countries. Canadian Solar is one of the most bankable companies in the solar industry, having been publicly listed on NASDAQ since 2006. For additional information about the Company, follow Canadian Solar on LinkedIn or visit www.canadiansolar.com.
Canadian Solar's 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; 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 and China; 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; 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; exchange rate fluctuations; litigation and other risks as described in the Company's SEC filings, including its annual report on Form 20-F filed on April 26, 2018. 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.