KITCHENER, ON, March 12, 2025 – 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 the signing of a Power Purchase Agreement (PPA) with Qualcomm Incorporated, a leading-edge AI technology provider innovating to deliver intelligent computing and connectivity solutions.
Qualcomm entered the PPA to source renewable energy from a solar photovoltaic (PV) project developed by Recurrent Energy in Spain. Recurrent Energy plans to retain ownership and operational responsibilities of the plant upon its completion.
The project is expected to deliver significant local benefits by fostering socio-economic development and reduce the region’s environmental footprint. In particular, it is projected to create more than 300 jobs during the construction phase and provide specialized job training to ensure stable, long-term employment opportunities for the local community.
Ismael Guerrero, CEO of Recurrent Energy, stated, “We are thrilled to partner with Qualcomm through this PPA. This agreement not only reinforces Recurrent Energy’s commitment to developing large-scale renewable energy solutions in Spain but also supports Qualcomm in its mission to achieve its ambitious decarbonization targets. This PPA exemplifies how collaboration between technological innovation and clean energy may drive a more efficient future while fostering environmental and socio-economic progress.”
This project will strengthen Spain’s leadership in renewable energy and support its decarbonization goals. Under this PPA, Recurrent Energy will supply 50,000 MWh annually—enough to power 15,000 households and prevent the release of 8,000 tonnes of CO₂ equivalent emissions each year.
The agreement was successfully facilitated by Trio (formerly known as Altenex Energy), a leading sustainability and energy advisory company, which provided expertise and guidance throughout the process.
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Recurrent Energy
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