GUELPH, ON and LONDON, May 30, 2024 — Recurrent Energy, a subsidiary of Canadian Solar Inc. (“Canadian Solar”) (NASDAQ: CSIQ) and a global developer and owner of solar and energy storage assets, today announced that it has completed the sale of its 49.9 MWp Middle Road solar project in the UK to Centrica Business Solutions, an integrated energy solutions company.
Located in Harbury, Warwickshire, the Middle Road solar farm is a subsidy-free project. It is fully permitted and ready for construction, which is scheduled to begin in Summer 2024. The project is expected to commence commercial operations in 2025 and will generate enough renewable energy to power approximately 14,500 homes.
In 2019, the UK became the first country in the world to declare a climate emergency and subsequently committed to net zero carbon emissions by 2050. Recurrent Energy is actively developing its solar and storage pipeline in the UK to help meet the country’s demand for renewable energy. In the UK, Recurrent Energy currently has a pipeline under development exceeding 2.6 GWp of solar PV and 6.7 GWh of battery storage projects.
Ismael Guerrero, CEO of Recurrent Energy, added, “With a robust team in the UK, Recurrent Energy is growing our development pipeline throughout the UK to support the UK’s climate objectives. The Middle Road solar project will not only provide clean energy, but also support the local economy. While we are enhancing asset retention in Europe and North America, this project sale to Centrica highlights our ongoing flexibility to partner with leading companies on strategic transactions.”
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 125 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 over 10 GWp of solar power projects and 3.3 GWh of battery energy storage projects across the world. Currently, the Company has over 1.2 GWp of solar power projects in operation, 6.5 GWp of projects under construction or in backlog (late-stage), and an additional 19.8 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 around 56 GWh, including approximately 4.3 GWh under construction or in backlog, and an additional 51.6 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 Centrica
Centrica is a leading energy services and solutions provider founded on a 200-year heritage of serving people, through brands such as British Gas, Bord Gáis Energy and Centrica Business Solutions.In 2020, Centrica began the process of identifying and acquiring sites as part of its long-term investment strategy to invest in technologies and assets, which will play a key role in the transition to net zero. Centrica Energy Assets has a pipeline in excess of 2 GW of new solar PV and battery projects.
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 26, 2024. 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 Contact
Inés Arrimadas
Recurrent Energy
comms@recurrentenergy.com
