GUELPH,
ON, Feb. 27, 2024 /PRNewswire/ -- Recurrent
Energy, a subsidiary of Canadian Solar Inc. (the
"Company" or "Canadian Solar") (NASDAQ: CSIQ) and a global
developer and owner of solar and energy storage assets, announced
today that it has closed non-recourse project financing for its 119
MW Horus Solar project in the region of Aguascalientes, Mexico. Recurrent owns 49
percent of the Horus Solar project, while Korea Electric Power
Corporation (KEPCO) and Sprott own 15 percent and 36 percent
respectively. The non-recourse financing has been provided by Korea
Eximbank (KEXIM), the official export credit agency of South Korea, and KEB Hana Bank, one of
South Korea's largest banks.
The facility is split into two tranches, totaling $51 million: a $43
million facility provided by KEXIM and a $8 million facility provided by KEB Hana
Bank.
During Mexico's third renewable
energy auction, the Horus project was awarded a power purchase
agreement (PPA) through which it will sell 75 percent of
electricity generated for 15 years and Clean Energy Certificates
for 20 years. The remaining 25 percent will be sold on the spot
market. The project reached Commercial Operation Date (COD) in
March 2023 and has been operating
since then.
The 119 MW solar project was built using Canadian Solar's high
efficiency BiHiku bifacial modules.
Ismael Guerrero, CEO of
Recurrent Energy, said, "The Horus project is a great
example of the high value projects that we aim to develop and
finance across the world. Thank you to our partners at KEXIM and
KEB Hana Bank, together with the project sponsors KEPCO and Sprott,
for helping enable this solar project that will bring more
emissions-free power to Mexico. We
remain committed to the Mexican market that boasts some of the best
fundamentals worldwide for solar development."
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 wholly-owned subsidiary of
Canadian Solar Inc. and functions as Canadian Solar's global
development and power services business. Additional details are
available at www.recurrentenergy.com.
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 22 years, Canadian Solar has
successfully delivered over 110 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 9.3 GWp of solar
power projects and over 3 GWh of battery storage projects across
the world. Currently, the Company has around 850 MWp of solar
projects in operation, nearly 7.8 GWp of projects under
construction or in backlog (late-stage), and an additional 18.7 GWp
of projects in advanced and early-stage pipeline. In addition,
the Company has a total battery storage project development
pipeline of approximately 55 GWh, including approximately 5 GWh
under construction or in backlog, and an additional 50 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; uncertainties related to the CSI Solar carve-out
listing; 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
Ally Copple
Innovant Public Relations
713-201-8800
Ally@InnovantPR.com
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SOURCE Canadian Solar Inc.