Canadian Solar Subsidiary Recurrent Energy Signs 60 Megawatt Solar Power Purchase Agreement with SMUD
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GUELPH, Ontario /PRNewswire/ -- Canadian Solar Inc. (the "Company", or "Canadian Solar") (CSIQ) wholly owned subsidiary and leading solar project developer Recurrent Energy today announced a 20-year Power Purchase Agreement (PPA) for 60 MWac of solar power with the Sacramento Municipal Utility District (SMUD).
SMUD will receive electricity from the 60 MWac Tranquillity 8 Verde solar photovoltaic (PV) project, located in Fresno County, California. Construction of the project is expected to begin in mid-2017. The project, which will generate enough electricity to power approximately 15,000 homes, will begin delivering power to SMUD in support of its SolarShares program and other renewable energy goals by early 2018.
"SMUD continues to add more renewable, non-carbon supplies to our power mix," said Sherri Gervin, SMUD Supervising Principal Energy Trading Commodity Contracts Specialist. "SMUD was the first large California utility to have 20 percent of its power supply come from sources classified by California as renewable, and is on track to meet the state mandate requiring utilities to increase their renewable portfolio to 33 percent by 2020. In the last decade the renewable portion of our power mix has grown from 7 percent to 28 percent," said Gervin.
Tranquillity 8 Verde is Recurrent Energy's fifth solar project with SMUD. In 2012, Recurrent Energy completed a portfolio of four projects that supply power to SMUD under multiple 20-year PPAs.
"We are proud to partner with SMUD to continue delivering reliable, cost-competitive solar power to their customers," said Dr. Shawn Qu, chairman and chief executive officer of Canadian Solar. "SMUD is a leader in driving adoption of large-scale solar power and should be commended for its sustained commitment."
Tranquillity 8 Verde is part of the 200 MWac Tranquillity 8 project being developed by Recurrent Energy. The remaining 140 MWac will be purchased by MCE, PG&E and SCE under long-term power purchase agreements.
As the nation's sixth-largest community-owned electric service provider, SMUD has been providing low-cost, reliable electricity for about 70 years to Sacramento County (and small adjoining portions of Placer and Yolo Counties). SMUD is a recognized industry leader and award winner for its innovative energy efficiency programs, renewable power technologies, and for its sustainable solutions for a healthier environment. For more information about SMUD, visit https://www.smud.org/.
About Recurrent Energy
Recurrent Energy, a U.S. subsidiary of Canadian Solar Inc., is redefining what it means to be a mainstream clean energy company, with utility-scale solar plants that provide competitive clean electricity. The company has more than 4 GW of solar projects in development in North America. Additional details are available at: www.recurrentenergy.com
About Canadian Solar Inc.
Founded in 2001 in Canada, Canadian Solar is one of the world's largest and foremost solar power companies. As a leading manufacturer of solar photovoltaic modules and provider of solar energy solutions, Canadian Solar also has a geographically diversified pipeline of utility-scale power projects in various stages of development. In the past 16 years, Canadian Solar has successfully delivered over 17 GW of premium quality modules to over 90 countries around the world. Furthermore, Canadian Solar is one of the most bankable companies in the solar industry, having been publicly listed on NASDAQ since 2006. For additional information about the Company, follow Canadian Solar on LinkedIn or visit www.canadiansolar.com.