GUELPH, ON, Aug. 10, 2021 /PRNewswire/ -- Recurrent Energy, LLC ("Recurrent Energy"), a wholly-owned subsidiary of Canadian Solar Inc. ("Canadian Solar") (NASDAQ: CSIQ), today announced it signed a 15-year Resource Adequacy agreement with Pacific Gas & Electric ("PG&E") to provide 150 MW / 600 MWh of energy storage in phase 2 of the Crimson project beginning in the summer of 2022.
The 350 MW / 1,400 MWh Crimson project will be one of the largest battery energy storage projects in the world when it comes online beginning in summer 2022. Earlier this year, Southern California Edison awarded Recurrent Energy a long-term energy storage contract for 200 MW / 800 MWh for phase 1 of the Crimson project located in Riverside County, California. Both contracts are stand-alone storage projects and are part of reliability procurements directed by the California Public Utilities Commission ("CPUC"). The newly signed agreement with PG&E is specifically in response to a decision by the CPUC in March for the California utilities to "take actions to prepare for potential extreme weather in the summers of 2021 and 2022." This additional energy storage capacity further supports Governor Newsom's recent emergency proclamation to expedite new clean energy projects in light of the ongoing extreme weather and climate crisis faced by the state.
Dr. Shawn Qu, Chairman and CEO of Canadian Solar, said, "It is becoming increasingly important to be able to send energy to the grid during heatwaves and other peak demand events. We are pleased to help PG&E enhance grid reliability in California by providing critically needed resource adequacy capacity through our long-term battery storage solution. We are accelerating all our development processes to ensure we reach the target commercial operation date of summer 2022. We thank our partners for their trust and support, and look forward to providing more safe, reliable, affordable and clean battery storage solutions to the communities we serve."
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 storage solutions, and developer of utility-scale solar power and battery storage projects with a geographically diversified pipeline in various stages of development. Over the past 20 years, Canadian Solar has successfully delivered over 55 GW of premium-quality, solar photovoltaic modules to customers across the world. Likewise, since entering the solar project development business in 2010, Canadian Solar has developed, built and connected over 5.7 GWp in over 20 countries across the world. Currently, the Company has around 500 MWp of projects in operation, nearly 6 GWp of projects under construction or in backlog (late-stage), and an additional 15 GWp of projects in pipeline (mid- to early- stage). Additionally, Canadian Solar has 1.2 GWh of battery storage projects under construction, and nearly 17 GWh of battery storage projects in backlog or pipeline. 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.
About Recurrent Energy (Canadian Solar Subsidiary)
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.
Safe Harbor/Forward-Looking Statements
Certain statements in this press release, including but not limited to the use of proceeds, 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; volatility, uncertainty, delays and disruptions related to the COVID-19 pandemic; 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, China and Brazil; 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; delays in the completion of project sales; delays in the process of qualifying to list the CSI Solar subsidiary in the PRC; 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 19, 2021. 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.
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SOURCE Canadian Solar Inc.
Canadian Solar Inc. Investor Relations Contacts, Isabel Zhang, Investor Relations, Canadian Solar Inc., firstname.lastname@example.org; David Pasquale, Global IR Partners, Tel: +1-914-337-8801, email@example.com; Recurrent Energy Media Relations Contact, Sarah Bray, Innovant Public Relations, Tel: +1-713-496-3489, Sarah@InnovantPR.com