{"id":783,"date":"2021-07-28T13:00:14","date_gmt":"2021-07-28T04:00:14","guid":{"rendered":"https:\/\/canadiansolar-energy.co.jp\/en\/news_release\/?p=783"},"modified":"2021-07-27T17:42:35","modified_gmt":"2021-07-27T08:42:35","slug":"recurrent-energy-completes-the-sale-of-328-mwp-of-solar-projects-in-texas","status":"publish","type":"post","link":"https:\/\/canadiansolar-energy.co.jp\/en\/news_release\/2021\/783.html","title":{"rendered":"RECURRENT ENERGY COMPLETES THE SALE OF 328 MWP OF SOLAR PROJECTS IN TEXAS"},"content":{"rendered":"

Marks the Company’s First Monetization of Projects with Corporate Offtake Contracts<\/strong><\/p>\n

\n

GUELPH, ON,\u00a0July 21, 2021\u00a0\/PRNewswire\/ —\u00a0Canadian Solar Inc.<\/a>\u00a0(“Canadian Solar” or “the Company”) (NASDAQ: CSIQ) today announced its wholly-owned subsidiary,\u00a0Recurrent Energy, LLC<\/a><\/span>\u00a0(“Recurrent Energy”), completed the sale of the\u00a0Maplewood\u00a01 and\u00a0Maplewood\u00a02 solar projects to a leading\u00a0U.S.\u00a0annuity and life insurance company. Both projects are located in\u00a0Pecos County, Texas, near the towns of\u00a0Fort Stockton\u00a0and\u00a0McCamey, and have a combined capacity of 328 MWp or 250 MWac.\u00a0Maplewood\u00a01 and\u00a0Maplewood\u00a02 are both currently under construction and are expected to reach commercial operation before the end of Q3 2021.<\/p>\n

Construction of the\u00a0Maplewood\u00a01 and\u00a0Maplewood\u00a02 solar projects commenced in the summer of 2020 after Recurrent Energy closed\u00a0$282 million\u00a0of debt financing provided by a bank club led by Norddeutsche Landesbank and included\u00a0Export Development Canada,\u00a0Rabobank, National Bank of Canada and\u00a0Bayerische Landesbank. The\u00a0Maplewood\u00a0projects’ offtakers are\u00a0Anheuser-Busch<\/a><\/span>, the world’s largest brewer, and\u00a0Energy Transfer Partners<\/a><\/span>, the\u00a0Dallas-based Fortune 100 oil and gas pipeline company. Anheuser-Busch\u00a0will purchase the 222 MWac from the\u00a0Maplewood\u00a01 project under a 15-year power purchase agreement (“PPA”), helping the brewer achieve its 100% renewable electricity four years in advance of its 2025 target.\u00a0Maplewood\u00a02 will deliver 28 MWac of clean power to Energy Transfer Partners\u00a0under a 15-year PPA.<\/p>\n

 <\/p>\n

Both projects utilize\u00a0Canadian Solar’s\u00a0high-efficiency bifacial modules<\/a><\/span>. The electricity generated by the\u00a0Maplewood\u00a0projects is expected to displace approximately 518,000 metric tons of carbon dioxide emissions annually, equivalent to taking 112,655 cars off the road.<\/p>\n

 <\/p>\n

“This transaction is Recurrent’s first major project sale with commercial and industrial (C&I) offtakers,” said\u00a0Shawn Qu, Chairman and CEO of\u00a0Canadian Solar. “We already see that an increasing number of corporations and public sector organizations across the globe are directly contracting with renewable energy projects to serve their load. In particular, corporates are finding that solar energy can not only reduce their electricity costs but can also help them meaningfully reduce the carbon footprint of their operations. This is a particularly exciting milestone given the ongoing challenges posed by the global pandemic and is a testament that solar energy has truly entered into the mainstream.”<\/p>\n

 <\/p>\n

About Recurrent Energy (Canadian Solar Subsidiary)<\/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\u00a0www.recurrentenergy.com<\/span><\/a>.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Marks the Company’s First Monetization of Projects with Corporate Offtake Contracts GUELPH, ON,\u00a0July 21, […]<\/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-783","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\/783","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=783"}],"version-history":[{"count":3,"href":"https:\/\/canadiansolar-energy.co.jp\/en\/news_release\/wp-json\/wp\/v2\/posts\/783\/revisions"}],"predecessor-version":[{"id":786,"href":"https:\/\/canadiansolar-energy.co.jp\/en\/news_release\/wp-json\/wp\/v2\/posts\/783\/revisions\/786"}],"wp:attachment":[{"href":"https:\/\/canadiansolar-energy.co.jp\/en\/news_release\/wp-json\/wp\/v2\/media?parent=783"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/canadiansolar-energy.co.jp\/en\/news_release\/wp-json\/wp\/v2\/categories?post=783"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/canadiansolar-energy.co.jp\/en\/news_release\/wp-json\/wp\/v2\/tags?post=783"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}