Recurrent Energy Announces Successful Operation of 134 MW Solar Project

Rhea-AI Summary

Recurrent Energy, a subsidiary of Canadian Solar (NASDAQ: CSIQ), announced the successful commercial operation of Liberty Solar, a 134 MW solar project near Houston, Texas. The project, located in Liberty County, will power approximately 15,000 homes annually and serves major corporate customers including Autodesk, Biogen, EMD Electronics, and Wayfair. The project expands solar capacity in the MISO market and received financial backing including an $80 million tax equity from U.S. Bancorp Impact Finance. Recurrent Energy will maintain long-term ownership and operation of the facility.

Positive

• Successfully completed 134 MW solar project on time and on budget
• Secured multiple major corporate customers for power purchase
• Obtained $80 million in tax equity financing
• Maintains long-term ownership and operation of the facility

Negative

• None.

Insights

Energy Infrastructure Analyst

The successful completion of the 134 MW Liberty Solar project marks a significant expansion in MISO's renewable energy capacity, with notable implications for both Canadian Solar and the Texas energy market. The project's $80 million tax equity financing and successful on-time, on-budget delivery demonstrate strong execution capabilities.

The project's commercial viability is reinforced by high-profile corporate customers including Autodesk, Biogen, EMD Electronics and Wayfair. This diverse customer base provides stable revenue streams and validates the growing corporate demand for renewable energy. The facility's capacity to power approximately 15,000 homes annually represents meaningful scale in addressing Texas's increasing electricity demands.

Recurrent Energy's decision to maintain long-term ownership and operation of the facility suggests confidence in the project's economics and future value proposition. The backing from established financial institutions like Rabobank, Nord LB and U.S. Bancorp Impact Finance further strengthens the project's credibility and financial foundation.

Autodesk, Inc., Biogen Inc., EMD Electronics and Wayfair Inc. are now purchasing renewable energy from the Texas project

HOUSTON and GUELPH, ON, Oct. 31, 2024 /PRNewswire/ -- Recurrent Energy, a subsidiary of Canadian Solar Inc. ("Canadian Solar") (NASDAQ: CSIQ) and a global developer, owner, and operator of solar and energy storage assets, announced today that Liberty Solar, a 134 MW (100 MWac) solar project near Houston, Texas, has reached commercial operation.

Liberty Solar is in Liberty County, Texas, about 50 miles northeast of Houston. Customers for the project include Autodesk, Inc., Biogen Inc., EMD Electronics (the U.S. and Canada electronics business of Merck KGaA, Darmstadt, Germany), and Wayfair Inc. Liberty Solar expands solar energy capacity in the Midcontinent Independent System Operator (MISO) market and will produce enough energy to power approximately 15,000 homes annually. 

Ismael Guerrero, CEO of Recurrent Energy, said, "Liberty Solar is a fantastic project that expands Recurrent Energy's project ownership in MISO. We are thrilled to complete this project on time and on budget in support of the renewable energy goals of our customers."

Mark Stover, Executive Director of Texas Solar Power Association, said, "Projects like Liberty Solar are instrumental to meeting the soaring demand for electricity in Texas. We commend Recurrent Energy for pushing through the development process and working with corporate buyers to deliver new, predictable, clean power to the MISO region of Texas."

Kai Beckmann, CEO Electronics of Merck KGaA, Darmstadt, Germany, said, "As a supplier of materials and solutions for the semiconductor industry, energy is a crucial aspect of progress in the industry for us. We aim not only to contribute through our research and development to make new technologies like artificial intelligence and advanced chips more energy-efficient, but also to reduce our own footprint in the value chain. Liberty Solar is an important project that demonstrates our commitment to putting our ambitions into action."

Kathleen Woodward, Interim Head of Sustainability at Biogen, said, "As a company that has maintained 100% renewable electricity since 2014, Biogen has long recognized the importance of building a cleaner, more resilient energy grid. We're delighted to celebrate this milestone in a project designed to provide the sustainable energy communities need to advance economic growth and public health. Biogen's support of Liberty Solar is part of our broader ambition to foster a healthier, more sustainable future for all."

Joe Speicher, Chief Sustainability Officer at Autodesk, said, "Investment in additional renewable capacity on the grid is essential to delivering more sustainable outcomes, and we believe that the Liberty Solar project will help make renewable energy more accessible in North America. Autodesk is committed to 100% renewable energy sourcing for our facilities, cloud services and hybrid workforce, and we are committed to leveraging our climate commitments to drive transformational change in our energy generation and deployment." 

Recurrent Energy plans to remain the long-term owner and operator of the project. Recurrent Energy previously announced that Rabobank, Nord LB and U.S. Bancorp Impact Finance, a subsidiary of U.S. Bank, provided the construction loan for the project. U.S. Bancorp Impact Finance is also providing the tax equity totaling $80 million.

About Recurrent Energy
Recurrent Energy is one of the world's largest and most geographically diversified utility-scale solar and energy storage project development, ownership and operations platforms, with an industry-leading team of in-house energy experts. Recurrent Energy is a subsidiary of Canadian Solar Inc. Additional details are available at www.recurrentenergy.com.

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 energy storage solutions, and developer of utility-scale solar power and battery energy storage projects with a geographically diversified pipeline in various stages of development. Over the past 23 years, Canadian Solar has successfully delivered over 133 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 approximately 11 GWp of solar power projects and 3.7 GWh of battery energy storage projects across the world. Currently, the Company has approximately 1.6 GWp of solar power projects in operation, 6.5 GWp of projects under construction or in backlog (late-stage), and an additional 20.9 GWp of projects in advanced and early-stage pipeline. In addition, the Company has 1 GWh of battery energy storage projects in operation and a total battery energy storage project development pipeline of around 63 GWh, including approximately 8.5 GWh under construction or in backlog, and an additional 54.3 GWh at advanced and early-stage development. 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.

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 power and battery energy storage market and industry; geopolitical tensions and conflicts, including impasses, sanctions and export controls; volatility, uncertainty, delays and disruptions related to global pandemics; supply chain disruptions; governmental support for the deployment of solar power and battery energy storage; future available supplies of silicon, solar wafers and lithium cells; 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 China, the U.S., Europe, Brazil and Japan; 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; the pipeline of projects and timelines related to them; the ability of the parties to optimize value of that pipeline; 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; 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 26, 2024. 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. Investor Relations Contacts

Wina Huang
Investor Relations
Canadian Solar Inc.
investor@canadiansolar.com 

Recurrent Energy Media Contact

Inés Arrimadas
Recurrent Energy
comm_global@recurrentenergy.com

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SOURCE Canadian Solar Inc.

FAQ

What is the capacity of Canadian Solar's (CSIQ) Liberty Solar project in Texas?

The Liberty Solar project has a capacity of 134 MW (100 MWac) and can power approximately 15,000 homes annually.

Who are the corporate customers of CSIQ's Liberty Solar project?

The corporate customers include Autodesk, Biogen, EMD Electronics, and Wayfair.

Where is Canadian Solar's (CSIQ) Liberty Solar project located?

The Liberty Solar project is located in Liberty County, Texas, approximately 50 miles northeast of Houston.

How much tax equity financing did CSIQ's Liberty Solar project receive?

The project received $80 million in tax equity financing from U.S. Bancorp Impact Finance.