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2019-06-14news

CANADIAN SOLAR SIGNS THE U.S. BEVERAGE INDUSTRY’S LARGEST SOLAR POWER PURCHASE AGREEMENT WITH ANHEUSER-BUSCH

GUELPH, Ontario, June 4, 2019 /PRNewswire/ — Canadian Solar Inc. (“Canadian Solar” or “the Company”) (NASDAQ: CSIQ), one of the world’s largest solar power companies, announced today that its wholly owned subsidiary Recurrent Energy, LLC (“Recurrent Energy”) has signed a 15-year power purchase agreement (“PPA”) with Anheuser-Busch for 310 MWp/222 MWac of electricity from its Maplewood solar project. This landmark contract is the seventh largest commercial and industrial (“C&I”) power purchase agreement for solar energy signed in the entire world to date, according to data supplied by Bloomberg New Energy Finance. The PPA, which marks the early achievement of Anheuser-Busch’s 2025 Renewable Electricity goal in the United States, also represents the U.S. beverage industry’s largest single purchase of solar energy.

“The signing of this power purchase agreement with Anheuser-Busch, the U.S. beer industry leader, demonstrates Canadian Solar’s ability to meet the needs of a diverse array of corporate customers. We’re honored to supply affordable clean energy to a C&I customer base spanning the sectors of academia, transportation, traditional energy, and now food and beverage,” said Dr. Shawn Qu, chairman at Canadian Solar. “Looking at publicly announced deals, we are proud to be the leading solar developer in the Texas market, with over 1.3 gigawatts of signed electricity contracts for energy generated within ERCOT’s service territory.”

The Maplewood solar project, located in Pecos County in the Permian Basin of West Texas, will power the equivalent of 55,000 homes with clean electricity when it enters operation by 2021. Canadian Solar’shigh efficiency poly modules are likely to be used for the project.

“We take immense pride in being good stewards of the environment and are excited to announce that by 2021 our entire portfolio of beers will be brewed by using 100 percent renewable electricity from solar and wind power,” said Ingrid De Ryck, Vice President, Procurement and Sustainability at Anheuser-Busch. “Through our new partnership with Recurrent Energy, we will be able to complete one of our 2025 U.S. sustainability goals four years ahead of schedule.”

Recurrent Energy is in the early stages of seeking potential equity partners on the Maplewood project portfolio that includes Maplewood and Maplewood 2. More information on the projects can be found on the portfolio web page: recurrentenergy.com/portfolio/maplewood/.

Recurrent Energy has also recently signed electricity contracts with other C&I customers including Energy Transfer as was also announced on June 4, as well as with San Francisco Bay Area Rapid Transit and a leading Silicon Valleyuniversity.

SOURCE Canadian Solar Inc.

http://investors.canadiansolar.com/news-releases/news-release-details/canadian-solar-signs-us-beverage-industrys-largest-solar-power

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