{"id":650,"date":"2021-01-18T15:00:14","date_gmt":"2021-01-18T06:00:14","guid":{"rendered":"https:\/\/canadiansolar-energy.co.jp\/en\/news_release\/?p=650"},"modified":"2021-01-22T17:25:42","modified_gmt":"2021-01-22T08:25:42","slug":"canadian-solar-subsidiary-recurrent-energy-completes-sale-of-144-mwac-pflugerville-solar-project-in-travis-county-texas-to-duke-energy-renewables","status":"publish","type":"post","link":"https:\/\/canadiansolar-energy.co.jp\/en\/news_release\/2021\/650.html","title":{"rendered":"CANADIAN SOLAR SUBSIDIARY RECURRENT ENERGY COMPLETES SALE OF 144 MWAC PFLUGERVILLE SOLAR PROJECT IN TRAVIS COUNTY, TEXAS TO DUKE ENERGY RENEWABLES"},"content":{"rendered":"

Project will provide low cost solar power to Austin Energy customers<\/b><\/h2>\n
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CHARLOTTE, N.C.\u00a0and\u00a0GUELPH, ON<\/span>,\u00a0Jan. 7, 2021\u00a0\/PRNewswire\/ —\u00a0Canadian Solar Inc.<\/a>\u00a0(“Canadian Solar”) (NASDAQ: CSIQ) today announced that its wholly-owned subsidiary, Recurrent Energy, completed the sale of the 144 MWac Pflugerville Solar project to\u00a0Duke Energy Renewables, a subsidiary of\u00a0Duke Energy\u00a0(NYSE: DUK). The project is under construction in\u00a0Travis County, Texas\u00a0and is expected to achieve commercial operation in mid-2021. The energy generated from the Pflugerville Solar project will be sold to\u00a0Austin Energy\u00a0under a 15-year power purchase agreement (PPA).<\/p>\n

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This is the fifth utility-scale project that\u00a0Duke Energy Renewables\u00a0has acquired from Recurrent Energy, including the Rambler Solar project in\u00a0Texas, which reached commercial operation in 2020.<\/p>\n

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“This sale to\u00a0Duke Energy Renewables\u00a0is another milestone that demonstrates Recurrent Energy’s leadership position in\u00a0the United States, where we currently have more than 5,700 MWac of solar projects under construction and\u00a0in development,”<\/span>\u00a0said\u00a0Shawn Qu, Chairman and CEO of\u00a0Canadian Solar. “The execution and sales process for this project was disrupted due to the COVID pandemic. However, we were nimble and quickly secured the financing to start construction and close the sale on time. To complete this transaction in 2020 is quite an achievement and I thank our teams and partners for their dedication and hard work.”<\/p>\n

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Dr. Qu\u00a0added, “We have a long-standing relationship with\u00a0Duke Energy Renewables\u00a0and are pleased that they have become the new owners of Pflugerville Solar, as it is a landmark project that will power local homes in the\u00a0Austin\u00a0area, supporting the clean energy transition as the Lone Star State continues to diversify its energy mix.”<\/p>\n

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“We’re excited to add this terrific project to our growing\u00a0Texas\u00a0solar portfolio to meet the increasing demand for power in the state and support our longstanding relationship with\u00a0Austin Energy,” said\u00a0Chris Fallon, president of\u00a0Duke Energy Renewables. “In addition to providing\u00a0Austin Energy’s\u00a0customers with low-cost clean energy, this project will also bring significant economic benefits to the state.”<\/p>\n

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Austin Energy, the\u00a0City of Austin’s\u00a0electric utility, serves more than 500,000 customer accounts and more than one million residents in\u00a0Greater Austin. This PPA supports\u00a0Austin Energy’s\u00a0renewable energy goals, which commit the utility to achieve at least 55 percent renewable energy by 2025, and 65 percent renewable energy by the end of 2027. The project also supports Duke Energy’s goals of doubling its renewable energy resources by the end of 2025.<\/p>\n

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“We currently meet 63 percent of our customers’ energy needs with carbon-free resources,” said Austin Energy General Manager Jackie Sargent. “Adding the Pflugerville Solar project to our portfolio will bring us closer to meeting our affordability and climate protection goals adopted by the Austin City Council and championed by our customers.”<\/p>\n

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The 144\u00a0MWac Pflugerville Solar Project, will generate enough energy to power approximately 27,000 homes. The power plant will utilize approximately 489,600 pieces of\u00a0Canadian Solar’s\u00a0high efficiency bifacial\u00a0BiKu modules <\/a><\/span>across 932 acres in\u00a0Travis County, Texas. The engineering and construction for the project is being performed by Signal Energy. To support the construction of the project, in August, Recurrent Energy 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, which included Norddeutsche Landesbank (“Nord\/LB”),\u00a0Rabobank, and\u00a0Zions Bank.\u00a0Duke Energy Renewables\u00a0will provide the long-term operations and maintenance services to the project.<\/p>\n

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The project is expected to employ 350 workers at peak construction, with at least 50% of those construction jobs expected to be filled by local skilled tradesmen from the\u00a0Travis County\u00a0area. Along with indirect economic benefits that accompany solar project development, such as increased local spending in the service and construction industries, Pflugerville Solar will also have a positive economic impact on the local community by providing significant tax revenues for\u00a0Travis County\u00a0and the\u00a0Elgin Independent School District.<\/p>\n

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As one of the nation’s top renewable energy providers, Duke Energy plans to double its enterprise-wide renewable portfolio from 8 GW to 16 GW by the end of 2025.<\/p>\n<\/div>\n

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About Recurrent Energy<\/strong><\/h4>\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\u00a0U.S.\u00a0project development arm. Recurrent Energy has approximately 5 GW of solar and storage projects in development in the\u00a0U.S.\u00a0Additional details are available at\u00a0<\/span>www.recurrentenergy.com<\/span><\/a>.<\/p>\n

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About\u00a0Duke Energy Renewables<\/strong><\/h4>\n

Duke Energy Renewables, a nonregulated unit of Duke Energy, operates wind and solar generation facilities across the\u00a0U.S., with a total electric capacity of 3,000 megawatts. Duke Energy is one of the
\nnation’s top renewable energy providers \u2013 on track to own or purchase 8,000 megawatts of wind, solar and biomass energy by 2020. The power is sold to electric utilities, electric cooperatives, municipalities, and commercial and industrial customers. The unit also operates energy storage and microgrid projects. Visit\u00a0Duke Energy Renewables<\/span><\/a><\/u>\u00a0for more information.<\/p>\n

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Duke Energy\u00a0(NYSE: DUK), a Fortune 150 company headquartered in\u00a0Charlotte, N.C., is one of the largest energy holding companies in the\u00a0U.S.\u00a0It employs 30,000 people and has an electric generating capacity of 51,000 megawatts through its regulated utilities, in addition to\u00a0Duke Energy Renewables’\u00a0capacity.<\/p>\n

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Duke Energy was named to Fortune’s 2019 “World’s Most Admired Companies” list, and Forbes’ 2019 “America’s Best Employers” list. More information about the company is available at\u00a0duke-energy.com<\/a><\/u><\/span>. The\u00a0Duke Energy News Center<\/a><\/u><\/span>\u00a0contains news releases, fact sheets, photos, videos and other materials. Duke Energy’s\u00a0illumination<\/a><\/u><\/span> features stories about people, innovations, community topics and environmental issues. Follow Duke Energy on Twitter<\/u>, LinkedIn, Instagram\u00a0and Facebook.<\/p>\n

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About Austin Energy\u00a0<\/strong><\/h4>\n

Customer Driven. Community Focused.<\/p>\n

Austin 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><\/span>.\u00a0<\/b><\/p>\n","protected":false},"excerpt":{"rendered":"

Project will provide low cost solar power to Austin Energy customers CHARLOTTE, N.C.\u00a0and\u00a0GUELPH, ON,\u00a0Jan. 7, 2 […]<\/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-650","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\/650","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=650"}],"version-history":[{"count":5,"href":"https:\/\/canadiansolar-energy.co.jp\/en\/news_release\/wp-json\/wp\/v2\/posts\/650\/revisions"}],"predecessor-version":[{"id":664,"href":"https:\/\/canadiansolar-energy.co.jp\/en\/news_release\/wp-json\/wp\/v2\/posts\/650\/revisions\/664"}],"wp:attachment":[{"href":"https:\/\/canadiansolar-energy.co.jp\/en\/news_release\/wp-json\/wp\/v2\/media?parent=650"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/canadiansolar-energy.co.jp\/en\/news_release\/wp-json\/wp\/v2\/categories?post=650"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/canadiansolar-energy.co.jp\/en\/news_release\/wp-json\/wp\/v2\/tags?post=650"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}