Canadian Solar Sells Two Solar Projects to BluEarth Renewables, Supplying Low-Cost Clean Energy to the Government of Alberta
GUELPH, ON, Jan. 5, 2021 /PRNewswire/ -- Canadian Solar Inc. ("Canadian Solar") (NASDAQ: CSIQ) today announced it has sold an ownership interest in its Hays and Jenner solar projects to BluEarth Renewables ("BluEarth"). BluEarth will also assume management responsibilities of the projects. Located in southeast Alberta, both projects are 31 MWp (23 MWAC) in size. The projects are co-owned by Conklin Métis Local 193, an indigenous community based in the rural hamlet of Conklin and part of the Athabasca Oil Sands region in eastern Alberta. Both projects are expected to start commercial operation in 2021.
"This is our third transaction with BluEarth and given their strong Alberta presence and deep experience in operating and maintaining large-scale clean energy projects, we believe they are the right owners for the Hays and Jenner solar projects. These projects together will generate clean electricity for tens of thousands of Alberta homes each year," said Dr. Shawn Qu, Chairman and CEO of Canadian Solar. "We thank BluEarth for their continued trust and for seeing the value that these best-in-class solar projects will provide to their customers and to the citizens of Alberta, furthering a leadership role in the clean energy transition."
"Alberta is home to some of the best solar power resource in Canada and we look forward to bringing these projects to market with our partner, Conklin Métis Local 193," commented Grant Arnold, President and CEO of BluEarth. "As we exit 2020, we're pleased this transaction came together with Canadian Solar, expanding BluEarth's solar portfolio in southern Alberta and bringing our combined solar capacity to 233 MWAC (183 MWAC net)."
"Conklin Métis Local 193 congratulates Canadian Solar on the sale of its interest. We look forward to working with BluEarth in moving ahead with the Hays and Jenner projects," commented Shirley Tremblay, President of Conklin Métis Local 193.
The Hays and Jenner solar projects will use Canadian Solar's bifacial modules and single-axis trackers, further commercializing this technology in Canada after being first deployed on Canadian Solar's Suffield Solar Project, which is now owned by BluEarth.
For more information about the Hays and Jenner solar projects, please visit BluEarth's website.
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 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 19 years, Canadian Solar has successfully delivered over 49 GW of premium-quality, solar photovoltaic modules to customers in over 150 countries. Likewise, since entering the project development business in 2010, Canadian Solar has developed, built and connected over 5.6 GWp in over 20 countries across the world. Currently, the Company has over 500 MWp of projects in operation, over 5 GWp of projects under construction or in backlog (late-stage), and an additional 11 GWp of projects in pipeline (mid- to early- stage). 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 Recurrent Energy
Recurrent Energy is a leading utility-scale solar and storage project developer, delivering competitive, clean electricity to large energy buyers. Based in the U.S., Recurrent Energy is a wholly owned subsidiary of Canadian Solar Inc. and functions as Canadian Solar's U.S. project development arm. Recurrent Energy has approximately 5 GW of solar and storage projects in development in the U.S. Additional details are available at www.recurrentenergy.com.
About BluEarth Renewables
BluEarth Renewables brings together extraordinary people with the power to change the future™ by delivering renewable energy to the power grid every day. We are a leading, independent, power producer that acquires, develops, builds, owns and operates wind, hydro and solar facilities across North America. Our portfolio includes 418 MW net (513 MW gross) of nameplate capacity in operation and under construction and over 2,000 MW under development. For more information, visit bluearthrenewables.com or follow us on Twitter, LinkedIn and Facebook.
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 and economic conditions and the state of the solar industry; 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., India and China; changes in customer order patterns; changes in product mix; capacity utilization; level of competition; pricing pressure and declines in 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; delays in the process of qualifying to list the MSS subsidiary in the PRC; continued success in technological innovations and delivery of products with the features customers demand; shortage in supply of materials or capacity requirements; availability of financing; exchange rate fluctuations; litigation and other risks as described in the Company's SEC filings, including its annual report on Form 20-F filed on April 28, 2020. 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.
SOURCE Canadian Solar Inc.
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