Canadian Solar Inc. (“Canadian Solar”) (NASDAQ: CSIQ), today announced its wholly owned subsidiary\u00a0Recurrent Energy LLC\u00a0(“Recurrent Energy”)\u00a0has completed the sale of its 150 MWac\/210 MWp Mustang Two solar project to Solar Frontier Americas (“SFA”).<\/p>\n
“The Mustang Two transaction is the latest example of the strong demand we see globally for\u00a0Canadian Solar’s\u00a0high quality solar assets, given our ability to partner at various points in a project’s development,” said\u00a0Shawn Qu, chairman and chief executive officer of\u00a0Canadian Solar. “We are pleased to partner in this transaction with Solar Frontier Americas, given its extensive solar project development and construction experience.”<\/p>\n
Located on 1,400 acres in\u00a0Kings County, California, the Mustang Two project is expected to create approximately 400 jobs during peak construction. In this partnership, Recurrent Energy will continue to manage the development of the project, readying it for construction; Solar Frontier Americas will finance and manage the construction of the project, which is slated to achieve commercial operation in 2020. The project will then be operated by Solar Frontier Americas’ growing independent power producer (“IPP”) business.<\/p>\n
“With this important acquisition, SFA further expands its U.S. business to become an independent power producer, an owner of operating electric power facilities,” said\u00a0Charles Pimentel, CEO of Solar Frontier Americas’ IPP business unit. “We already have a substantial greenfield pipeline and are actively acquiring utility-scale projects and development assets to further scale our business.”<\/p>\n
Once the project is operational, the energy generated by the solar power facility will be split between two long-term power purchase agreements: Peninsula Clean Energy (the community choice energy agency which serves\u00a0San Mateo County) is contracted to receive 100 MWac, and the\u00a0Modesto Irrigation District\u00a0will acquire 50 MWac. The combined energy generation from the two PPAs will power 37,500 homes with clean electricity.<\/p>\n
About Solar Frontier Americas<\/strong> About Recurrent Energy<\/strong> SOURCE Canadian Solar Inc.<\/p>\n
\nSolar Frontier Americas, a U.S. based subsidiary of\u00a0Showa Shell Sekiyu K.K. (a global energy solutions company), is a growing independent power producer, solar developer and module supplier. The vertically-integrated energy company acquires, develops, owns and operates high yield utility-scale solar power generation plants; selling the clean energy to help communities both economically and ecologically live in healthier environments. With offices in\u00a0California\u00a0and\u00a0Nevada, SFA continues to develop its growing pipeline of over 1 GW of utility-scale projects. Part of a longstanding organization recognized internationally for their dedication to excellence in quality and service, SFA continues that tradition in their North American renewable energy business. Learn more at\u00a0www.solar-frontier.com<\/a>.<\/p>\n
\nRecurrent Energy is a leading utility-scale solar and energy storage project developer, delivering competitive, clean electricity to large energy buyers. Based in the U.S., Recurrent Energy is a wholly owned subsidiary of\u00a0Canadian Solar Inc.\u00a0and functions as\u00a0Canadian Solar’s\u00a0U.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\u00a0www.recurrentenergy.com<\/a>.<\/p>\n