Canadian Solar Sells Suffield Solar Project to BluEarth Renewables
Canadian Solar (NASDAQ: CSIQ) has completed the sale of the Suffield Solar Project to BluEarth Renewables. This facility, under construction in Alberta, will have a capacity of 23 MWac, capable of powering approximately 7,300 homes annually. The project has received funding from Natural Resources Canada and will utilize Canadian Solar’s high-efficiency bifacial modules and single-axis trackers to enhance energy generation. An offtake agreement with Direct Energy is in place, promising steady revenue once operational.
- Sale of the Suffield Solar Project enhances Canadian Solar's cash flow.
- Project expected to power approximately 7,300 homes, demonstrating social impact.
- Use of high-efficiency bifacial modules and trackers may lead to higher energy production.
- None.
GUELPH, Ontario, Sept. 21, 2020 /PRNewswire/ -- Canadian Solar Inc. ("Canadian Solar") (NASDAQ: CSIQ) announced today the completion of the sale of the Suffield Solar Project to BluEarth Renewables ("BluEarth"). The Suffield Solar Project ("Suffield"), currently under construction in southeast Alberta, will have a capacity of 23 MWac / 32 MWp and will be among the largest solar photovoltaic (PV) facilities in the province of Alberta. Direct Energy will purchase the electricity from the Suffield facility once it is operational later this year. Direct Energy is one of the largest energy and energy-related service providers in North America with almost one million residential, business and wholesale customers in Alberta.
The Suffield facility was awarded funding through Natural Resources Canada's Emerging Renewable Power Program for pioneering cutting-edge advancements in renewable energy technology. Specifically, the Suffield project will use Canadian Solar's high-efficiency bifacial modules and single-axis trackers. Bifacial modules produce electricity from both sides of the solar panel maximizing total energy generation and improving reliability during winter months. Single-axis trackers allow the solar arrays to follow the sun's trajectory throughout the day, also increasing electricity production.
Dr. Shawn Qu, Chairman and CEO of Canadian Solar said, "The Suffield Solar Project proves the notion that private investment coupled with government funding to advance research and new technologies is a win/win for consumers. We have sincerely enjoyed partnering with BluEarth Renewables in the past and are very pleased to have them as the new owner of this landmark project."
"We've had an excellent, long-standing relationship with Canadian Solar having transacted with them on our very first solar project in 2014," said Grant Arnold, President and CEO of BluEarth. "With this acquisition, BluEarth is excited to expand its footprint in southern Alberta. The Suffield project, combined with one other solar project currently under construction, brings BluEarth's total solar capacity to 187 MWac. We also believe more opportunities are on the horizon given the favorable market conditions for renewable energy investment in Alberta."
Dr. Qu added, "With BluEarth's proven commitment to the clean energy transition, an offtake agreement with leading energy provider Direct Energy, and the support from Natural Resources Canada, the Suffield Solar Project is set to benefit Albertans for years to come."
Once operational, the Suffield Solar Project is estimated to power approximately 7,300 homes annually. For more information about the Suffield Solar Project, visit BluEarth's website.
About Canadian Solar Inc.
Canadian Solar was founded in 2001 in Canada and is one of the world's largest solar power companies. It is a leading manufacturer of solar photovoltaic modules and provider of solar energy solutions and has a geographically diversified pipeline of utility-scale solar power projects in various stages of development. Over the past 19 years, Canadian Solar has successfully delivered over 46 GW of premium-quality, solar photovoltaic modules to customers in over 150 countries. 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.
About BluEarth Renewables
BluEarth Renewables brings together extraordinary people with the power to change the future™ by delivering renewable energy to the power grid every day. We are a leading, independent, power producer that acquires, develops, builds, owns and operates wind, hydro and solar facilities across North America. Our portfolio includes 372 MW net (444 MW gross) of nameplate capacity in operation and under construction and over 2,000 MW under development. For more information, visit bluearthrenewables.com or follow us on Twitter, LinkedIn and Facebook.
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.
Canadian Solar's 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; 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; delays in the completion of project sales; 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 28, 2020. 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.
View original content:http://www.prnewswire.com/news-releases/canadian-solar-sells-suffield-solar-project-to-bluearth-renewables-301134519.html
SOURCE Canadian Solar Inc.
FAQ
What is the Suffield Solar Project by Canadian Solar (CSIQ)?
Who purchased the Suffield Solar Project from Canadian Solar (CSIQ)?
When will the Suffield Solar Project become operational?
What technology does the Suffield Solar Project utilize?
What is the significance of the offtake agreement with Direct Energy for CSIQ?
