GUELPH, Ontario and
LOS ANGELES, Cali., Sept. 29,
2016 /PRNewswire/ -- Canadian Solar Inc. (the
"Company", or "Canadian Solar") (NASDAQ: CSIQ), one of the world's
largest solar power companies, today announced commercial operation
of the 60 MWac/78 MWp Barren Ridge solar photovoltaic (PV) project
developed by the Company's wholly owned subsidiary Recurrent
Energy. The Barren Ridge solar project, also known as the RE Cinco
project, supplies electricity and associated renewable energy
credits (RECs) to the Los Angeles Department of Water and Power
(LADWP) under a long-term power purchase agreement.
"We are proud to work with LADWP to bring solar power to the
city of Los Angeles and share
their commitment to a clean energy future," said Shawn Qu, Chairman and Chief Executive Officer
of Canadian Solar. "This is the Company's third U.S. solar project
to reach commercial operation this year, a milestone that would not
be possible without the hard work and collaboration with our
partners."
LADWP, which was named among the top 10 utilities connecting the
most solar megawatts to the power grid in 2015 by the Smart
Electric Power Alliance (SEPA), will use the clean solar
electricity produced by the Barren Ridge solar project to power
more than 25,000 homes in Los
Angeles.
"We are committed to reaching 50 percent renewables by 2030, and
this solar project plays an important role in reaching that goal.
In addition, large-scale transmission line projects like our Barren
Ridge Renewable Transmission Project facilitates a renewable energy
hub that brings a thousand megawatts of wind and solar energy into
the city of Los Angeles," said
LADWP Executive Director of Power System Michael Webster. "By utilizing these new
transmission lines and systems, LADWP is bringing renewable energy
home."
The Barren Ridge solar project, located in Kern County northwest of Los Angeles, began construction in fall 2015
and created 230 peak construction jobs. In November 2015, U.S. Bancorp Community Development
Corporation (USBCDC), a division of U.S. Bank, made a tax equity
investment into the Barren Ridge solar project.
"We're proud to be part of an environmentally sustainable
solution to the tremendous need for energy in the Los Angeles area. Barren Ridge will also have
an impact on the region's economy with the more than 200 jobs it
created," said Adam Altenhofen, vice
president of U.S. Bancorp Community Development Corporation, a
division of U.S. Bank.
In addition to building the Barren Ridge solar project,
Recurrent Energy constructed two miles of generation transmission
lines to connect the solar project to LADWP's Barren Ridge
Switching Station. Construction of these lines can be seen in this
video:
https://vimeo.com/recurrentenergy/barrenridgesolar.
About LADWP
LADWP is the nation's largest municipally-owned utility, serving
more than 4 million Los Angeles
residents. LADWP has provided water and electric service to
residents and businesses in Los
Angeles for more than 100 years.
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 14 years,
Canadian Solar has successfully delivered over 16 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.
Safe Harbor/Forward-Looking Statements
Certain statements in this press release regarding the Company's
expected future shipment volumes, gross margins, business prospects
and future quarterly or annual results, particularly the management
quotations and the statements in the "Business Outlook" section,
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; 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 20, 2016. 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.
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/canadian-solar-subsidiary-recurrent-energy-reaches-commercial-operation-of-60-megawatt-barren-ridge-solar-project-300336361.html
SOURCE Canadian Solar Inc.