GUELPH,
ON, Feb. 6, 2024 /PRNewswire/ -- Recurrent
Energy, a subsidiary of Canadian Solar Inc. ("Canadian Solar")
(NASDAQ: CSIQ) and a global developer and owner of solar and energy
storage assets, announced today that it has secured $160 million in project financing for its 127
MWdc Bayou Galion Solar project, located in Morehouse Parish in Northeast Louisiana. The project is currently
under construction and is expected to be operational by fall
2024.
Microsoft Corporation will purchase 100 percent of the energy
and renewable energy credits produced by Bayou Galion Solar to
support its goal to be carbon negative by 2030. The project will
significantly expand the amount of renewable energy capacity
installed in Louisiana. At the end
of September 2023, Louisiana had 145 MW of operating wind, solar,
and energy storage capacity.
Mitsubishi UFJ Financial Group, Inc. (MUFG) acted as
Coordinating Lead Arranger for the financing.
"MUFG is very pleased to support Recurrent Energy on this
important project and to help Microsoft meet its climate
objectives," said Fred Zelaya,
Managing Director, Project Finance Americas at MUFG.
Recurrent Energy began development of Bayou Galion Solar in 2018
and commenced construction in December
2023. Recurrent Energy selected Primoris Renewables Energy,
Inc. as its engineering, procurement, and construction partner.
Once construction is completed, Recurrent Energy will own and
operate the project as a part of its commitment to growing the
number of renewable energy projects in its operating portfolio.
Ismael Guerrero, CEO of
Recurrent Energy, said, "We are very pleased to announce the
successful close of project financing and PPA signing for Bayou
Galion Solar in Louisiana. This
project represents an important milestone as we continue to advance
our pipeline in new markets and increase project ownership. Bayou
Galion Solar extends our
relationship with our esteemed partners at MUFG and establishes a
new relationship with Microsoft, one of the world's largest
renewable energy power buyers."
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 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
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
About MUFG and MUFG Americas
Mitsubishi UFJ Financial Group, Inc. (MUFG) is one of the
world's leading financial groups. Headquartered in Tokyo and with over 360 years of history, MUFG
has a global network with approximately 2,000 locations in more
than 40 countries. MUFG has nearly 120,000 employees and offers
services including commercial banking, trust banking, securities,
credit cards, consumer finance, asset management, and leasing. The
Group aims to "be the world's most trusted financial group" through
close collaboration among our operating companies and flexibly
respond to all the financial needs of our customers, serving
society, and fostering shared and sustainable growth for a better
world. MUFG's shares trade on the Tokyo, Nagoya, and New
York stock exchanges.
MUFG's Americas operations, including its offices in the U.S.,
Latin America, and Canada, are primarily organized under MUFG
Bank, Ltd. and subsidiaries, and are focused on Global Corporate
and Investment Banking, Japanese Corporate Banking, and Global
Markets. MUFG is one of the largest foreign banking organizations
in the Americas. For locations, banking capabilities and services,
career opportunities, and more,
visit www.mufgamericas.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; 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 Contact
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.