GUELPH,
ON, Jan. 8, 2024 /PRNewswire/ -- Canadian
Solar Inc. (the "Company" or "Canadian Solar") (NASDAQ: CSIQ) today
announced that Recurrent Energy, a global developer and owner of
solar and energy assets, completed the sale of its 100 MW/200 MWh
Mannum energy storage project in South
Australia to Epic Energy.
Mannum energy storage is the third project that Recurrent Energy
has sold to Epic Energy, a South Australian-based energy
infrastructure owner and operator. Epic Energy currently owns the 7
MW Mannum Stage One and 39 MW Mannum Stage Two solar projects,
which were both developed by Recurrent Energy.
Recurrent Energy began development of Mannum energy storage,
located in Mannum, Australia, to
complement the Mannum solar projects and provide beneficial grid
and market services to the South Australian energy market.
Recurrent Energy selected e-STORAGE as the energy storage
solutions provider who will deliver its SolBank energy storage
solution for the project. The project is expected to start
construction in the first half of 2024 and reach commercial
operation in 2025.
Clive D'Cruz, Chief Executive
Officer of Epic Energy, said, "We are delighted to work with
Recurrent Energy again at the Mannum site. The battery energy
storage system rounds out Epic Energy's investment at the current
site, sitting alongside our two adjacent solar farms. The
standalone battery will create much needed energy storage to
support the supply of excess renewable energy to the grid during
peak periods and to enhance stability."
Ismael Guerrero, CEO of
Recurrent Energy, said, "We are delighted to collaborate with
Epic Energy once again on the sale of our third project to them.
Australia is a rapidly growing
market for renewable energy and our latest transaction with Epic
Energy supports the country's efforts to decarbonize in a
sustainable way. We look forward to continuing to advance our
robust pipeline of energy storage and solar projects in
Australia."
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 wholly-owned
subsidiary of Canadian Solar Inc. and functions
as Canadian Solar's global development and power services
business. Additional details are available
at www.recurrentenergy.com.
About Canadian Solar
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 22 years, Canadian Solar has
successfully delivered over 110 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 around 9.3 GWp of solar
power projects and over 3 GWh of battery storage projects across
the world. Currently, the Company has around 850 MWp of solar
projects in operation, nearly 7.8 GWp of projects under
construction or in backlog (late-stage), and an additional 18.7 GWp
of projects in advanced and early-stage pipeline. In addition,
the Company has a total battery storage project development
pipeline of approximately 55 GWh, including approximately 5 GWh
under construction or in backlog, and an additional 50 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 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. INVESTOR RELATIONS CONTACTS
Isabel Zhang
Investor Relations
Canadian Solar Inc.
investor@canadiansolar.com
RECURRENT ENERGY MEDIA INQUIRIES
Ally Copple
Innovant Public Relations
713-201-8800
Ally@InnovantPR.com
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SOURCE Canadian Solar Inc.