Sempra Renewables Acquires California Solar Project from Canadian Solar Subsidiary Recurrent Energy
Recurrent Energy, a wholly owned subsidiary of Canadian Solar Inc. (“Canadian Solar”) (NASDAQ: CSIQ), today announced that Sempra Renewables LLC, a unit of Sempra Energy (NYSE: SRE), has acquired its 200 MWac/281 MWp Great Valley Solar project, previously called Tranquillity 8.
“We are pleased to work with a market-leading partner like Sempra Renewables on this transaction,” said Dr. Shawn Qu, chairman and chief executive officer of Canadian Solar. “Recurrent Energy’s strong portfolio of U.S. solar assets continues to create value for our customers and shareholders.”
The Great Valley Solar project, currently under construction in Fresno County, Calif., is located on approximately 1,600 acres adjacent to the 200 MWac/258 MWp Tranquillity Solar Facility. The Tranquillity facility was completed by Recurrent Energy in late 2016 and is majority-owned by a subsidiary of Southern Power.
The project, which is expected to be fully completed by Sempra Renewables in the third quarter 2018, should generate enough clean electricity to meet the energy needs of approximately 50,000 homes. Sempra Renewables has assumed construction of the project and will operate the facility, which is fully contracted under four independent long-term, power purchase agreements.
About Recurrent Energy
Recurrent Energy is a leading utility-scale solar 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 more than 4 GW of solar 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 a provider of solar energy solutions, Canadian Solar has a geographically diversified pipeline of utility-scale power projects in various stages of development. In the past 16 years, Canadian Solar has successfully delivered over 21 GW of premium quality modules to over 100 countries around the world. Furthermore, Canadian Solar is one of the most bankable companies in the solar industry, having been publically listed on NASDAQ since 2006. For additional information about the company, follow Canadian Solar on LinkedIn or visit www.canadiansolar.com.
Canadian Solar’s Safe Harbor/Forward-Looking Statements
Certain statements in this press release regarding the Company’s expected future shipment volumes, gross margins, business prospects and future results, 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 and economic conditions and the state of the solar industry; governmental support for the deployment of solar power; future available supplies of high-purity silicon; 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 Japan, the U.S., India and China; changes in customer order patterns; changes in product mix; capacity utilization; level of competition; pricing pressure and declines in average selling prices; delays in new product introduction; delays in utility-scale project approval process; delays in utility-scale project construction; cancelation of utility-scale feed-in-tariff contracts in Japan; continued success in technological innovations and delivery of products with the features customers demand; shortage in supply of materials or capacity requirements; availability of financing; exchange rate fluctuations; litigation and other risks as described in the Company’s SEC filings, including its annual report on Form 20-F filed on April 27, 2017. 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.