Recurrent Energy's latest energy storage and
solar tolling agreements with APS support Arizona's expanding energy needs
GUELPH,
ON and PHOENIX,
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 it has signed two new tolling
agreements with Arizona Public Service Company (APS).
The 20-year tolling agreements encompass the Desert Bloom
Storage and Papago Solar projects. Both projects, located in
Maricopa County, Arizona, are
scheduled to start construction in 2025 and reach operation in
2026. Desert Bloom Storage is a 600 MWh standalone storage
facility, while Papago Solar is a 150 MWac solar facility.
Last year, Recurrent Energy announced that it had secured a
20-year tolling agreement with APS for its 1,200 MWh Papago Storage
project. The Papago Storage project is currently in construction
and scheduled to commence operations in 2025. Once operational,
Papago Storage will be the largest standalone energy storage
project in Arizona.
Together, the three announced tolling agreements with APS total
1,800 MWh of energy storage and 150 MWac of solar. This is enough
energy storage to dispatch power for the equivalent of 72,000 homes
for four hours and enough solar to power the equivalent of
approximately 24,000 homes per year.
Brian Cole, APS Vice President
of Resource Management, said, "With more people and businesses
moving to Arizona, we expect our
customers' energy needs to continue to increase significantly over
the next several years. We are thoughtfully planning to meet that
growing demand with reliable and clean electricity at the lowest
cost possible through the addition of projects like Desert Bloom
Storage, Papago Solar, and Papago Storage."
Recurrent Energy is one of the world's largest clean energy
platforms. To date, Recurrent Energy has brought online 3.7 GWh of
battery energy storage and 11 GWp of solar power projects.
Ismael Guerrero, CEO of
Recurrent Energy, said, "Our partnership with APS on 1.8 GWh of
storage and 150 MW of solar capacity represents a remarkable build
out of energy infrastructure in the Phoenix area. APS has long been a leader in
clean energy innovation, and we are thankful for APS's trust as we
provide the projects needed to help satisfy Arizona's growing electricity demand. We look
forward to continuing to build an enduring partnership with
APS."
Arizona currently has 1,000 MW
of operating energy storage, and renewable energy makes up 12
percent of the state's electricity mix. To keep up with growing
demand, by 2030, Arizona
anticipates adding 7,600 MW of utility-scale solar power, 1,700 MW
of wind power, and 5,900 MW of battery storage—enough clean
electricity to power the equivalent of over 5 million homes. This
projected clean energy capacity represents $14 billion in expected capital
investment[1].
Arizona Senator Mark Kelly, said, "As Arizona continues
to grow and attract more technology and manufacturing investments,
innovative solar and energy storage projects like this are a
critical piece of providing clean, affordable, reliable power to
our state's businesses and families. These new agreements will
advance Arizona's transition
towards a renewable energy future and leadership in clean energy
innovation."
U.S. Representative Ruben
Gallego, said, "Thanks to the Inflation Reduction Act,
which I fought to pass, Arizona is
benefiting from major investments to help us meet our energy
demands. The projects announced today will create hundreds of
good-paying jobs, and I look forward to seeing hundreds of
thousands of Arizona homes powered
by clean, affordable energy in the coming years."
Commissioner Lea Márquez Peterson, Arizona Corporation
Commission, said, "Arizona has the natural resources here to
support the increasing demand for electricity as the state's
population and business opportunities continue to thrive. With
standalone energy storage projects like Recurrent's Desert Bloom
Storage and Papago Storage projects, we are proving ourselves as a
forward-thinking state that has set the stage for economic and
sustainable prosperity."
Jason Grumet, CEO of the
American Clean Power Association, said, "Recurrent and APS
are shining examples of Arizona's
growing leadership in clean energy deployment. These projects
enhance our country's energy security and help to meet rising
energy demand with affordable, clean and reliable American-made
power."
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[1] https://www.fuelforthought.energy/press/clean-energy-powers-arizona
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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 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
Canadian Solar's filings with the Securities and Exchange
Commission, including its annual report on Form 20-F filed on
April 26, 2024. Although Canadian
Solar and Recurrent Energy believe 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 and Recurrent Energy undertake 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 Contact
Inés Arrimadas
Recurrent Energy
comms@recurrentenergy.com
Ally Copple
Innovant
Public Relations
713-201-8800
Ally@InnovantPR.com
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SOURCE Canadian Solar Inc.