{"id":557,"date":"2020-09-02T16:02:18","date_gmt":"2020-09-02T07:02:18","guid":{"rendered":"https:\/\/canadiansolar-energy.co.jp\/en\/news_release\/?p=557"},"modified":"2020-10-01T10:27:54","modified_gmt":"2020-10-01T01:27:54","slug":"recurrent-energy-breaks-ground-on-pflugerville-solar-project","status":"publish","type":"post","link":"https:\/\/canadiansolar-energy.co.jp\/en\/news_release\/2020\/557.html","title":{"rendered":"RECURRENT ENERGY BREAKS GROUND ON PFLUGERVILLE SOLAR PROJECT"},"content":{"rendered":"

Creating hundreds of local jobs to bring clean power to the Austin area<\/strong><\/p>\n

GUELPH, ON,\u00a0Aug. 18, 2020\u00a0\/PRNewswire\/ —\u00a0Canadian Solar Inc.<\/a>\u00a0(“Canadian Solar”) (NASDAQ: CSIQ) today announced its wholly-owned subsidiary,\u00a0Recurrent Energy, LLC<\/a>\u00a0(“Recurrent Energy”), commenced construction on the 144\u00a0MWac Pflugerville Solar Project\u00a0located in\u00a0Travis County, Texas.<\/p>\n

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Recurrent Energy signed a Power Purchase Agreement (“PPA”) with\u00a0Austin Energy\u00a0in 2018 for the\u00a0Pflugerville Solar Project\u00a0to provide low-cost solar power to the utility’s customers for 15 years following the start of operation. This PPA supports\u00a0Austin Energy’s\u00a0renewable energy goals which commit the utility to cost-effectively reduce emissions and includes plans to exit from its coal-fired power generation by the end of 2022.\u00a0Austin Energy\u00a0serves more than 500,000 customers in the\u00a0City of Austin, as well as several neighboring areas of\u00a0Travis County\u00a0and\u00a0Williamson County.<\/p>\n

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“We are thrilled about this partnership with Recurrent Energy on the\u00a0Pflugerville Solar Project,” said\u00a0Jackie Sargent,\u00a0Austin Energy\u00a0General Manager. “The project not only expands our renewable portfolio and advances our climate protection goals, it is also located near our customer base. The solar project will also deliver affordable energy to our customers and it demonstrates\u00a0Austin Energy’s\u00a0continued dedication to fiscal responsibility and environmental leadership. This project is a win-win.”<\/p>\n

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By partnering with\u00a0Austin Energy\u00a0on the\u00a0Pflugerville Solar Project, Recurrent Energy is further expanding its footprint in\u00a0Texas. With the resources and capabilities to deliver customized clean energy products and project configurations for a wide variety of customers, Recurrent Energy’s\u00a0Texas\u00a0partnerships to date include vertically-integrated utilities, a leading\u00a0ERCOT\u00a0load serving entity, and multiple C&I offtakers.<\/p>\n

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The Pflugerville Solar Project\u00a0is expected to create long-term permanent jobs to support the operation and maintenance of the power plant, as well as more than 350 construction jobs of which at least 50% will be performed by local workers. The project will also have a positive economic impact on the local community by providing tax revenues for\u00a0Travis County\u00a0and the Elgin ISD, which will total approximately\u00a0$350 million\u00a0throughout the life of the project. Once operational, the\u00a0Pflugerville Solar Project\u00a0is expected to generate enough low-cost clean electricity to power the equivalent of approximately 25,000\u00a0Texas\u00a0homes.<\/p>\n

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“This is an incredible accomplishment given the ongoing financing and construction challenges due to the pandemic.\u00a0It demonstrates the dedication and capabilities of our Recurrent team, both in the tax equity financing and on-the-ground execution, and the resilience of all our partners to overcome the unique challenges together,” said\u00a0Dr.\u00a0Shawn Qu<\/a>, <\/strong>Chairman and Chief Executive Officer of\u00a0Canadian Solar. “We are pleased to partner again with\u00a0Austin Energy\u00a0as we share their commitment to provide low-cost clean energy to customers. We appreciate our trusted partners, such as\u00a0U.S. Bank, CIT, Nord\/LB,\u00a0Rabobank, and\u00a0Zions Bank, who helped to bring this project to fruition and thank the local\u00a0Travis County\u00a0community for their continued support through the development process.”<\/p>\n

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To support construction of the\u00a0Pflugerville Solar Project, Recurrent Energy recently closed debt and tax equity financing totaling over\u00a0$234 million. The tax equity financing was provided by\u00a0U.S. Bank\u00a0and the debt financing was provided by a bank club led by\u00a0CIT Bank\u00a0(“CIT”), which included Norddeutsche Landesbank (“Nord\/LB”),\u00a0Rabobank, and\u00a0Zions Bank.<\/p>\n

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“Recurrent Energy is well recognized as a top developer of renewable energy projects,” said\u00a0Mike Lorusso, managing director and group head for CIT’sPower and Energy<\/a><\/strong>unit. “We are pleased to work them on this financing and proud to play a continuing role in supporting the expansion of renewable power throughout the\u00a0U.S.”<\/p>\n

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Recurrent Energy is a leader in innovative corporate and project\u00a0financings, including letter of credit facilities and a distinctive safe harbor loan structure. Employing a tailored and flexible approach enables Recurrent Energy to successfully execute best-in-class projects, while maximizing value for customers, investors, and local communities.<\/p>\n

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About\u00a0Austin Energy<\/strong><\/p>\n

Customer Driven. Community Focused.<\/strong>
\nAustin Energy, the\u00a0City of Austin’s\u00a0electric utility, lights a brighter future for more than 500,000 customer accounts and more than one million residents in\u00a0Greater Austin. The utility’s commitment to providing value\u00a0powers the community and the innovation and culture that has made\u00a0Austin\u00a0a destination city.\u00a0Austin Energy\u00a0has powered the community for 125 years, delivering safe, affordable, reliable energy and excellent customer service. The publicly owned utility will continue to shine a light into the future. For more information about\u00a0Austin Energy, visit\u202faustinenergy.com<\/a><\/u><\/span>.<\/p>\n

 <\/p>\n

About Recurrent Energy\u00a0<\/strong><\/p>\n

Recurrent Energy is a leading utility-scale solar and storage project developer, delivering competitive, clean electricity to large energy buyers. Based in the\u00a0U.S., Recurrent Energy is a wholly owned subsidiary of\u00a0Canadian Solar Inc.\u00a0and functions as\u00a0Canadian Solar’s\u00a0North American project development arm. Recurrent Energy has approximately 5 GW of solar and storage projects in development in the\u00a0U.S.\u00a0Additional details are available at\u00a0www.recurrentenergy.com<\/a><\/span>.<\/p>\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

Creating hundreds of local jobs to bring clean power to the Austin area GUELPH, ON,\u00a0Aug. 18, 2020\u00a0\/PRNewswire\/ […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"class_list":["post-557","post","type-post","status-publish","format-standard","hentry","category-releases"],"_links":{"self":[{"href":"https:\/\/canadiansolar-energy.co.jp\/en\/news_release\/wp-json\/wp\/v2\/posts\/557","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/canadiansolar-energy.co.jp\/en\/news_release\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/canadiansolar-energy.co.jp\/en\/news_release\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/canadiansolar-energy.co.jp\/en\/news_release\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/canadiansolar-energy.co.jp\/en\/news_release\/wp-json\/wp\/v2\/comments?post=557"}],"version-history":[{"count":9,"href":"https:\/\/canadiansolar-energy.co.jp\/en\/news_release\/wp-json\/wp\/v2\/posts\/557\/revisions"}],"predecessor-version":[{"id":596,"href":"https:\/\/canadiansolar-energy.co.jp\/en\/news_release\/wp-json\/wp\/v2\/posts\/557\/revisions\/596"}],"wp:attachment":[{"href":"https:\/\/canadiansolar-energy.co.jp\/en\/news_release\/wp-json\/wp\/v2\/media?parent=557"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/canadiansolar-energy.co.jp\/en\/news_release\/wp-json\/wp\/v2\/categories?post=557"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/canadiansolar-energy.co.jp\/en\/news_release\/wp-json\/wp\/v2\/tags?post=557"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}