Autodesk, Inc., Biogen Inc., EMD Electronics
and Wayfair Inc. are now purchasing renewable energy from the
Texas project
HOUSTON and GUELPH,
ON, Oct. 31, 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 Liberty Solar, a 134 MW (100 MWac) solar project near
Houston, Texas, has reached
commercial operation.
Liberty Solar is in Liberty County,
Texas, about 50 miles northeast of Houston. Customers for the project include
Autodesk, Inc., Biogen Inc., EMD Electronics (the U.S. and
Canada electronics business of
Merck KGaA, Darmstadt, Germany),
and Wayfair Inc. Liberty Solar expands solar energy capacity in the
Midcontinent Independent System Operator (MISO) market and will
produce enough energy to power approximately 15,000 homes
annually.
Ismael Guerrero, CEO of
Recurrent Energy, said, "Liberty Solar is a fantastic project
that expands Recurrent Energy's project ownership in MISO. We are
thrilled to complete this project on time and on budget in support
of the renewable energy goals of our customers."
Mark Stover, Executive Director of Texas Solar Power
Association, said, "Projects like Liberty Solar are
instrumental to meeting the soaring demand for electricity in
Texas. We commend Recurrent Energy
for pushing through the development process and working with
corporate buyers to deliver new, predictable, clean power
to the MISO region of Texas."
Kai Beckmann, CEO Electronics
of Merck KGaA, Darmstadt, Germany, said, "As a supplier of materials
and solutions for the semiconductor industry, energy is a crucial
aspect of progress in the industry for us. We aim not only to
contribute through our research and development to make new
technologies like artificial intelligence and advanced chips more
energy-efficient, but also to reduce our own footprint in the value
chain. Liberty Solar is an important project that demonstrates our
commitment to putting our ambitions into action."
Kathleen Woodward, Interim
Head of Sustainability at Biogen, said, "As a company that has
maintained 100% renewable electricity since 2014, Biogen has long
recognized the importance of building a cleaner, more resilient
energy grid. We're delighted to celebrate this milestone in a
project designed to provide the sustainable energy communities need
to advance economic growth and public health. Biogen's support of
Liberty Solar is part of our broader ambition to foster a
healthier, more sustainable future for all."
Joe Speicher, Chief
Sustainability Officer at Autodesk, said, "Investment in
additional renewable capacity on the grid is essential to
delivering more sustainable outcomes, and we believe that the
Liberty Solar project will help make renewable energy more
accessible in North America.
Autodesk is committed to 100% renewable energy sourcing for our
facilities, cloud services and hybrid workforce, and we are
committed to leveraging our climate commitments to drive
transformational change in our energy generation and
deployment."
Recurrent Energy plans to remain the long-term owner and
operator of the project. Recurrent Energy previously
announced that Rabobank, Nord LB and U.S. Bancorp Impact
Finance, a subsidiary of U.S. Bank, provided the construction loan
for the project. U.S. Bancorp Impact Finance is also providing the
tax equity totaling $80 million.
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 Canadian Solar Inc.
Canadian Solar was founded in 2001 in Canada and is
one of the world's largest solar technology and renewable energy
companies. It is a leading manufacturer of solar photovoltaic
modules, provider of solar energy and battery energy storage
solutions, and developer of utility-scale solar power and battery
energy storage projects with a geographically diversified pipeline
in various stages of development. Over the past 23
years, Canadian Solar has successfully delivered over 133
GW of premium-quality, solar photovoltaic modules to customers
across the world. Likewise, since entering the project development
business in 2010, Canadian Solar has developed, built,
and connected approximately 11 GWp of solar power projects and 3.7
GWh of battery energy storage projects across the world. Currently,
the Company has approximately 1.6 GWp of solar power projects in
operation, 6.5 GWp of projects under construction or in backlog
(late-stage), and an additional 20.9 GWp of projects in advanced
and early-stage pipeline. In addition, the Company has 1 GWh of
battery energy storage projects in operation and a total battery
energy storage project development pipeline of around 63 GWh,
including approximately 8.5 GWh under construction or in backlog,
and an additional 54.3 GWh at advanced and early-stage
development. Canadian Solar is one of the most bankable
companies in the solar and renewable energy industry, having been
publicly listed on the NASDAQ since 2006. For additional
information about the Company, follow Canadian
Solar on LinkedIn or
visit www.canadiansolar.com.
Safe Harbor/Forward-Looking Statements
Certain
statements in this press release are forward-looking
statements that involve a number of risks and uncertainties that
could cause actual results to differ materially. These statements
are made under the "Safe Harbor" provisions of
the U.S. Private Securities Litigation Reform Act of
1995. In some cases, you can identify forward-looking statements by
such terms as "believes," "expects," "anticipates," "intends,"
"estimates," the negative of these terms, or other comparable
terminology. Factors that could cause actual results to differ
include general business, regulatory and economic conditions and
the state of the solar power and battery energy storage market
and industry; geopolitical tensions and conflicts, including
impasses, sanctions and export controls; volatility, uncertainty,
delays and disruptions related to global pandemics; supply chain
disruptions; governmental support for the deployment of solar
power and battery energy storage; future available supplies of
silicon, solar wafers and lithium cells; demand for end-use
products by consumers and inventory levels of such products in the
supply chain; changes in demand from significant customers; changes
in demand from major markets such as China,
the U.S., Europe, Brazil and Japan;
changes in effective tax rates; changes in customer order patterns;
changes in product mix; changes in corporate responsibility,
especially environmental, social and governance ("ESG")
requirements; capacity utilization; level of competition; pricing
pressure and declines in or failure to timely adjust average
selling prices; delays in new product introduction; delays in
utility-scale project approval process; delays in utility-scale
project construction; delays in the completion of project sales;
the pipeline of projects and timelines related to them; the ability
of the parties to optimize value of that pipeline; continued
success in technological innovations and delivery of products with
the features that customers demand; shortage in supply of materials
or capacity requirements; availability of financing; exchange and
inflation rate fluctuations; litigation and other risks as
described in the Company's filings with the Securities and
Exchange Commission, including its annual report on Form 20-F filed
on April 26, 2024. Although the Company believes that the
expectations reflected in the forward-looking statements are
reasonable, it cannot guarantee future results, level of activity,
performance, or achievements. Investors should not place undue
reliance on these forward-looking statements. All information
provided in this press release is as of today's date, unless
otherwise stated, and Canadian Solar undertakes no
duty to update such information, except as required under
applicable law.
Canadian Solar Inc. Investor Relations Contacts
Wina Huang
Investor Relations
Canadian Solar Inc.
investor@canadiansolar.com
Recurrent Energy Media Contact
Inés Arrimadas
Recurrent Energy
comm_global@recurrentenergy.com
View original
content:https://www.prnewswire.com/news-releases/recurrent-energy-announces-successful-operation-of-134-mw-solar-project-302292790.html
SOURCE Canadian Solar Inc.