GUELPH, ON, July 10, 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 10-year Power Purchase Agreement (PPA)  with GKN Automotive, the global leader in drive systems. This agreement will allow for the annual production of approximately 200 GWh of renewable electricity and marks GKN Automotive’s first renewable energy PPA in Europe.

GKN Automotive will source renewable energy from Recurrent Energy’s Rey I Project (“Rey I”), a 115 MWp solar PV project located in Seville, Andalucia, Spain. Currently under construction, Rey I is expected to be fully operational by the first half of 2026. Recurrent Energy will own and operate the project upon completion.

The Rey I Project supports Spain’s leadership in renewable energy, producing approximately 240 GWh of clean energy each year, enough to power over 73,000 homes in the region and displace approximately 197,000 metric tons of CO2 emissions.

Dr. Clare Wyatt, Chief People, Communications and Sustainability Officer at GKN Automotive, commented, “Signing this PPA with Recurrent Energy underscores our commitment to achieving our 2045 net zero ambition and contributing to decarbonization of the automotive industry. It reflects our intention to continue to drive a cleaner, more sustainable world, through supporting projects that add to the supply of renewable electricity.”

Ismael Guerrero, CEO of Recurrent Energy, added, “Recurrent Energy is pleased to support GKN Automotive’s commitment to reach net zero carbon emissions by 2045. Over the last 10 years, we have accumulated extensive experience in executing large-scale projects for global customers. We are grateful to GKN Automotive for entrusting us with their first PPA in Europe. This agreement exemplifies our shared dedication to investing in renewable energy projects that contribute to both company operations and the fight against climate change.”

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 GKN Automotive

GKN Automotive is a world-leading global automotive technology company, pioneering electric drive systems and driving the future of transportation. With a legacy of innovation spanning 250 years, the company is the trusted partner for 90% of the world’s automotive companies, specializing in developing, building, and supplying market-leading driveline systems and advanced ePowertrain technologies. GKN Automotive is committed to shaping a cleaner, more sustainable world through its cutting-edge innovations and expertise. GKN Automotive is part of Dowlais, a specialist engineering group focused on the automotive sector.

About Dowlais

Dowlais Company, a renowned automotive technology firm, stands as a beacon of innovation and excellence in the industry. With a rich history spanning decades, Dowlais has consistently pushed the boundaries of automotive engineering, pioneering groundbreaking advancements in electric drive systems and ePowertrain technologies. As a trusted partner to leading automotive manufacturers worldwide, Dowlais Company’s expertise, commitment to quality, and forward-thinking approach have positioned it as a driving force in shaping the future of transportation.