GUELPH, ON, November 7, 2024 – Recurrent Energy, a subsidiary of Canadian Solar Inc. (“Canadian Solar” or the “Company”) (NASDAQ: CSIQ), and a global developer, owner and operator of solar and energy storage assets, today announced that it was awarded Contracts for Difference (CfD) for three of its renewable energy projects in the UK totaling 120 MWp.
The Low Carbon Contracts Company, on behalf of the UK Government, has awarded Recurrent Energy with CfD contracts for three solar PV projects in England: Gateley Moor, with an installed capacity of 49.9 MWp, located in Durham; Court Barton, 20 MWp in Devon; and Hessay, with 49.9 MWp in York. Recurrent Energy has signed the contracts for the three projects following the positive outcome.
These projects collectively represent 120 MWp of renewable energy capacity. Together, they will provide affordable, reliable, clean energy to over 34,000 homes and reduce CO2 emissions by approximately 31,000 tons per year. Additionally, they will strengthen supply chains, create local jobs, and make a significant contribution to the UK’s energy security and clean energy targets.
The Court Barton project is expected to reach commercial operation by mid-2025, Gateley Moor by mid-2027, and Hessay by mid-2026.
The contracts awarded will enable Recurrent Energy to secure revenues for 15 years, indexed to inflation, and represents a major step forward in the company’s long-term commitments in the UK’s renewable energy sector.
“We are very pleased with the outcome of the sixth round of Contracts for Difference in the UK”, said Ismael Guerrero, CEO of Recurrent Energy. “The three projects awarded underscore our strong commitment to the UK, which is one of Recurrent Energy’s key markets. We are proud to be among the key supporters of the UK’s journey towards achieving its net zero emissions targets.”
The Contracts for Difference (CfD) scheme, launched in 2014, was designed to support the UK’s transition to Net Zero. At its core, the CfD functions as a contractual mechanism to promote investment in renewable energy projects throughout the UK, while keeping costs low for consumers.
On September 3, 2024, the Department of Energy Security and Net Zero announced the results of the Sixth Allocation Round (AR6), unlocking 9.6 gigawatts (GW) of renewable energy capacity—more than 2.5 times the capacity awarded in the previous round (AR5). This outcome reflects the efforts of the new UK government, which increased the CfD auction budget to over £1.5 billion.
About Recurrent Energy:
Recurrent Energy, a subsidiary of Canadian Solar Inc., 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 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 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 around 11 GWp of solar power projects and over 3.7 GWh of battery storage projects across the world. Currently, the Company has around 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 the advanced and early-stage pipeline. In addition, the Company has a total battery storage project development pipeline of approximately 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.
