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, has announced the signing of a 10-year Power Purchase Agreement (PPA) with a major U.S.-based technology company.
Under this agreement, the counterparty will procure renewable energy from a Recurrent Energy solar PV project located in Valladolid, in the northwestern Spanish autonomous community of Castilla y León. The Tordesillas solar PV project has an installed capacity of 300 MWp (peak) and is expected to be operational by 2026. Following energization, Recurrent Energy plans to own and operate the solar project.
Ismael Guerrero, CEO of Recurrent Energy, said, “We are very pleased to continue to support leading technology companies in their commitments to achieve net zero carbon emissions. The trust placed in us reflects Recurrent Energy's proven expertise in executing large-scale projects for major global customers. This PPA demonstrates both companies' dedication to combating climate change through cost-competitive renewable energy investments.”
The Tordesillas project will strengthen Spain’s position as a renewable energy leader and help the country meet its decarbonization targets. The project is expected to generate approximately 620 GWh per year, the equivalent of powering 188,000 households and avoiding 161,000 tons of CO2 equivalent annually.
Recurrent Energy continues to expand its portfolio of solar PV and energy storage projects in development across all regions of the world. In Spain, Recurrent Energy has a project development pipeline of more than 2 GW of solar projects and 60 MWh of battery energy storage.
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 serves as Canadian Solar’s global development and power services business. To date, Recurrent Energy has successfully developed, built, and connected 11 GWp of solar projects and 3.7 GWh of energy storage projects across six continents. As of June 30, 2024, its project development pipeline includes over 27 GWp of solar and 63 GWh of energy storage capacity.
About Canadian Solar:
Canadian Solar is one of the world's largest solar technology and renewable energy companies. Founded in 2001 and headquartered in Kitchener, Ontario, the Company is a leading manufacturer of solar photovoltaic modules; provider of solar energy and battery energy storage solutions; and developer, owner, and operator of utility-scale solar power and battery energy storage projects. Over the past 23 years, Canadian Solar has successfully delivered over 133 GW of premium-quality, solar photovoltaic modules to customers across the world. Through its subsidiary e-STORAGE, Canadian Solar has shipped over 7 GWh of battery energy storage solutions to global markets, boasting a US$2.6 billion contracted backlog as of June 30, 2024. 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 globally. Its geographically diversified project development pipeline includes 27 GWp of solar and 63 GWh of battery energy storage capacity in various stages of 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.
cloud technology axon
Addleshaw Goddard (AG), the London-headquartered international law fir...
