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Recurrent Energy Expands Solar Pipeline in Spain with the Acquisition of a Portfolio exceeding 420 MWp

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Canadian Solar Inc.'s subsidiary, Recurrent Energy, acquires a 420 MWp solar PV portfolio in Spain, with plans to start construction on over 1 GW of solar projects in 2024. The acquisition includes four projects in Carmona, Seville, utilizing Canadian Solar's advanced technology. The projects aim to provide clean energy, create jobs, and reduce CO2 emissions, benefiting the local community.
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The acquisition of a 420 MWp solar PV portfolio by Recurrent Energy, a subsidiary of Canadian Solar Inc., represents a significant strategic move within the renewable energy sector. This move aligns with the global trend towards increased capacity in renewable energy sources, as nations aim to reduce carbon emissions and transition to cleaner energy alternatives. The solar projects in Spain, particularly in a sun-rich region like Andalusia, are likely to offer high yields due to optimal solar irradiance. The use of Canadian Solar's advanced TopBiHiKu7 N-type bifacial TOPCon modules indicates a focus on efficiency and long-term value generation, as these modules are known for their high efficiency and performance.

From an investment perspective, the projected annual production of approximately 916,000 MWh of energy servicing over 275,000 homes and the corresponding reduction of 184,000 tons of CO2 emissions, provide a quantifiable environmental impact that could enhance the company's reputation and appeal to ESG-focused investors. The creation of jobs and the stimulation of regional economic development also suggest a positive multiplier effect on the local economy. Investors should monitor the progress of the construction and the integration of these assets into Recurrent Energy's broader portfolio, as successful execution could lead to increased revenue streams and a stronger market position for Canadian Solar.

The environmental and social benefits of the Rey portfolio acquisition are noteworthy from an economic standpoint. The generation of clean energy contributes to Spain's renewable energy targets and helps mitigate climate change impacts, which have economic implications such as reduced healthcare costs from pollution and the avoidance of climate-related damages. The displacement of 184,000 tons of CO2 annually is a significant figure, translating to potential carbon credits and a positive shift in the externalities associated with energy production.

Furthermore, the investment in local job creation and economic development in Carmona can lead to increased consumer spending and improved socioeconomic conditions. This type of investment can be seen as a model for sustainable development, where environmental goals are met with concurrent economic benefits. Stakeholders, including local governments and international bodies, may view this project favorably, potentially leading to supportive policies and incentives that could further enhance the project's viability and profitability in the long term.

The technical aspects of the Rey projects, particularly the use of the TopBiHiKu7 N-type bifacial TOPCon modules, are indicative of the industry's push towards higher efficiency and performance in photovoltaic systems. Bifacial modules capture sunlight from both sides, increasing energy yield compared to traditional single-sided modules. The Tunnel Oxide Passivated Contact technology further enhances performance by reducing electron recombination, which is a common efficiency loss mechanism in solar cells.

For stakeholders, the choice of technology can be a determinant of long-term reliability and return on investment. As these technologies often come at a higher initial cost, the expected increase in energy production must be weighed against the capital expenditure. However, given the scale of the project and the projected energy output, the technology choice seems to align with an emphasis on long-term operational savings and performance optimization. As the industry continues to innovate, such advancements could become the new norm, setting a precedent for future projects and potentially influencing stock valuations for companies like Canadian Solar that are at the forefront of these technological shifts.

GUELPH, ON, March 20, 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 the acquisition of a solar PV portfolio in the south of Spain with a capacity of more than 420 MWp. Recurrent Energy currently has projects in various stages of development in Spain and expects to start construction on more than 1 GW of solar projects in the country in 2024.

The recently acquired portfolio is located in Carmona, a municipality in Seville (Andalusia) and consists of a cluster of four projects, Rey I, II, III and IV, with an aggregate capacity of more than 420 MWp. These projects are currently under construction and will feature Canadian Solar's TopBiHiKu7 N-type bifacial TOPCon (Tunnel Oxide Passivated Contact) technology modules.

Once completed, Project Rey will not only supply clean, renewable energy, but also contribute economic and social benefits to the local community, including creating jobs and enhancing regional economic development.

The Rey portfolio is expected to produce approximately 916,000 MWh of clean energy each year, servicing the needs of more than 275,000 homes in the region and displacing approximately 184,000 tons of CO2 emissions.

Ismael Guerrero, CEO of Recurrent Energy, said, "The acquisition of this solar portfolio reflects our commitment to grow our assets both in Spain and around the world. While our goal is to strategically grow our development pipeline and assets under management through greenfield development, we continue to look for high-value acquisition opportunities. We are delighted to add the Rey projects to our growing portfolio."

About Recurrent Energy

Recurrent Energy is one of the world's largest and most geographically diversified utility-scale solar and battery 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 http://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 22 years, Canadian Solar has successfully delivered over 118 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 10 GWp of solar power projects and 3.3 GWh of battery energy storage projects across the world. Currently, the Company has approximately 1 GWp of solar power projects in operation, 7.4 GWp of projects under construction or in backlog (late-stage), and an additional 19.9 GWp of projects in advanced and early-stage pipeline. In addition, the Company has 600 MWh of battery energy storage projects in operation and a total battery energy storage project development pipeline of approximately 55 GWh, including approximately 3.5 GWh under construction or in backlog, and an additional 51 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; 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

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

Recurrent Energy Media Inquiries
Inés Arrimadas 
Recurrent Energy 
ines.arrimadas@recurrentenergy.com

Cision View original content:https://www.prnewswire.com/news-releases/recurrent-energy-expands-solar-pipeline-in-spain-with-the-acquisition-of-a-portfolio-exceeding-420-mwp-302094348.html

SOURCE Canadian Solar Inc.

FAQ

What is the capacity of the solar PV portfolio acquired by Recurrent Energy in Spain?

Recurrent Energy acquired a solar PV portfolio in Spain with a capacity of more than 420 MWp.

Where are the acquired solar projects located in Spain?

The acquired portfolio is located in Carmona, Seville (Andalusia), Spain.

What technology modules will be used in the construction of the projects?

The projects will feature Canadian Solar's TopBiHiKu7 N-type bifacial TOPCon technology modules.

How much clean energy is the Rey portfolio expected to produce annually?

The Rey portfolio is expected to produce approximately 916,000 MWh of clean energy each year.

What are the environmental benefits of the Rey portfolio?

The Rey portfolio will service the needs of more than 275,000 homes, displacing approximately 184,000 tons of CO2 emissions.

Who is the CEO of Recurrent Energy?

Ismael Guerrero is the CEO of Recurrent Energy.

Canadian Solar Inc.

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About CSIQ

canadian solar inc. (csi) designs, develops, manufactures and sells solar cell and module products that convert sunlight into electricity for a variety of uses. the company conducts all of its manufacturing operations in china. the company's products include a range of standard solar modules built to general specifications for use in a range of residential, commercial and industrial solar power generation systems. it also designs and produces specialty solar modules and products based on its customers' requirements. specialty solar modules and products consist of customized modules that its customers incorporate into their own products, such as solar-powered bus stop lighting, and complete specialty products, such as solar-powered car battery chargers. it sells its products under its canadian solar brand name and to original equipment manufacturing (oem) customers under their brand names.