Arizona Public Service Awards Recurrent Energy With 1,200 MWh Energy Storage Tolling Agreement
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Papago Storage will be the largest standalone energy storage project in
The tolling agreement award for Papago Storage comes as
Recurrent Energy is one of the world's largest and most geographically diversified utility-scale solar and battery storage platforms, with a track record of delivering 9 GW of solar and 3 GWh of battery storage power plants now in operation across six continents. In 2022, Recurrent Energy brought online 2 GWh of energy storage in the
Dr. Shawn Qu, Chairman and CEO, Canadian Solar, commented, "This landmark project - Papago Storage - will give Arizonans more renewable energy every day. Recurrent Energy is delighted that Arizona Public Service selected Papago Storage via its rigorous competitive procurement process to support its 1.3 million customers' growing need for affordable and reliable energy storage, and we look forward to growing our partnerships with APS and other utilities that are adding record amounts of energy storage in their service areas."
Recurrent Energy began developing Papago Storage in 2016. Following construction, Recurrent Energy will own and operate Papago Storage, as a part of its objective to expand its asset ownership. Once operational, the project will dispatch enough power for approximately 244,000 homes for four hours every day.
APS is
The tolling agreement award for Papago Storage resulted from APS's All Resource RFP (request for proposal) conducted in May 2022. APS sought 1 to 1.5 GW of resources, including up to 800 MW of renewable energy.
About Canadian Solar
Canadian Solar was founded in 2001 in
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 and battery storage market and industry; geopolitical tensions and conflicts, including impasses, sanctions and export controls; volatility, uncertainty, delays and disruptions related to the COVID-19 pandemic; supply chain disruptions; 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., China, Brazil and Europe; 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; 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; uncertainties related to the CSI Solar carve-out listing; 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 18, 2023. 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. Contacts
Isabel Zhang
Investor Relations
Canadian Solar Inc.
investor@canadiansolar.com
David Pasquale
Global IR Partners
914-337-8801
csiq@globalirpartners.com
Recurrent Energy Media Inquiries
Ally Copple
Innovant Public Relations
713-201-8800
Ally@InnovantPR.com
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SOURCE Canadian Solar Inc.
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