GUELPH, ON, May 3, 2022 /PRNewswire/ -- Recurrent Energy, LLC ("Recurrent"), a wholly owned subsidiary of Canadian Solar Inc. ("Canadian Solar") (NASDAQ: CSIQ), today announced that the Louisiana Public Service Commission (LPSC) has approved a power purchase agreement for the 132 MW dc/ 98 MWac Bayou Galion solar project located in Morehouse Parish in Northeast Louisiana.
The Bayou Galion solar project is expected to start construction and begin operation in 2024. Once in operation, the project is capable of powering more than 18,000 homes annually and offsetting the equivalent of 170 metric tons of CO2 emissions per year.
The Bayou Galion solar project is a part of 1803 Electric Cooperative's ("1803 Electric Coop") recently approved power generation portfolio to supply energy to five Louisiana rural electric cooperatives for the next 20 years. The approved portfolio includes 343 MWac of solar energy, including Recurrent's 98 MWac Bayou Galion solar project, and will significantly increase the amount of solar energy capacity in the state. As of year-end 2021, Louisiana had approximately 200 MW of solar energy installed.
Dr. Shawn Qu, chairman and CEO of Canadian Solar, said, "Solar energy is the lowest cost new energy resource across the U.S. and we are pleased to support 1803 Electric Coop's goals to bring lower rates for its members. We look forward to continuing to advance the development of the Bayou Galion solar project and starting construction in 2024."
LPSC Chairman Craig Greene said at the commission meeting, "1803 followed all of the commission rules and conducted a competitive RFP, whereby 31 bidders put forth 197 qualifying offers. This robust response to 1803's RFP I think is a powerful indication that a broad cross-section of companies want to invest in Louisiana's energy future and deliver lower rates with reliable, flexible options to customers. This is a great day for the state of Louisiana and for this commission."
Charles Hill, General Manager of 1803 Electric Coop, said, "Being able to provide a reduction in future rates for our members is extraordinary. We are pleased to partner with Recurrent Energy, a well-respected solar and energy storage developer, and we look forward to bringing this project online."
LPSC Commissioner Foster Campbell, who represents the parish where the Bayou Galion project will be located, said, "I am confident that 1803's proposal and Recurrent Energy's project will provide reliable and inexpensive power to these Louisiana co-ops for years to come. In addition, Recurrent's Bayou Galion project will bring around 300 construction jobs to our area."
1803 Electric Coop's members serve approximately 120,000 members in Louisiana. ACES administered the selection process for the entire selected and approved power generation portfolio on behalf of 1803 Electric Coop.
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 67 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 over 6.3 GWp in over 20 countries across the world. Currently, the Company has around 445 MWp of solar projects in operation, nearly 6 GWp of projects under construction or in backlog (late-stage), and an additional 18.6 GWp of projects in pipeline (mid- to early- stage). 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 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; logistical challenges that could increase the selling costs of the Company; exchange rate fluctuations; litigation; potential initiation of an anti-circumvention investigation and other risks as described in the Company's SEC filings, including its annual report on Form 20-F filed on April 28, 2022. 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.