Canadian Solar Subsidiary Recurrent Energy Signs Power Purchase Agreement with a Leading Silicon Valley University
GUELPH, Ontario: Canadian Solar Inc. (“Canadian Solar”) (NASDAQ: CSIQ), today announced its wholly owned subsidiary Recurrent Energy, LLC (“Recurrent Energy”) has signed a 25-year power purchase agreement (“PPA”) for the 63 MWac/88 MWp Stanford Solar Generating Station #2.
The Stanford Solar Generating Station #2, located on over 400 acres in Kings County, California, will power the equivalent of 15,750 homes with clean electricity. This photovoltaic (“PV”) project, together with Stanford University’sexisting 67 MWp solar PPA and its 5 MWp rooftop installation, will produce enough clean renewable electricity each year to equal the university’s annual electricity consumption.
“This power purchase agreement with Stanford University demonstrates Recurrent Energy’s ability to work with a diversified customer base in California and across the U.S. We’ve long partnered with different types of load-serving entities, such as investor-owned and publicly-owned utilities, and we’re a known leader for our partnerships with CCAs. Now, we are delighted to also demonstrate our ability to meet the needs of direct access customers,” said Dr. Shawn Qu, chairman and chief executive officer of Canadian Solar. “We feel honored to help Stanford University achieve its goal to source 100 percent of its campus’ electricity from renewable energy.”
As part of Recurrent Energy’s Slate project portfolio, the Stanford Solar Generating Station #2 is scheduled to enter operation in 2021. Canadian Solar announced last month that another 150 MWac portion of the Slate portfolio has PPAs executed with Silicon Valley Clean Energy and Monterey Bay Community Power.
About Recurrent Energy
Recurrent Energy is a leading utility-scale solar and storage project developer, delivering competitive, clean electricity to large energy buyers. Based in the U.S., Recurrent Energy is a wholly owned subsidiary of Canadian Solar Inc. and functions as Canadian Solar’s U.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 www.recurrentenergy.com.
About Canadian Solar Inc.
Founded in 2001 in Canada, Canadian Solar is one of the world’s largest and foremost solar power companies. As a leading manufacturer of solar photovoltaic modules and provider of solar energy solutions, Canadian Solar also has a geographically diversified pipeline of utility-scale power projects in various stages of development. In the past 17 years, Canadian Solar has successfully delivered over 30 GW of premium quality modules to over 150 countries around the world. Furthermore, Canadian Solar is one of the most bankable companies in the solar industry, having been publicly listed on NASDAQ since 2006. For additional information about the company, follow Canadian Solar on LinkedIn or visit www.canadiansolar.com.
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