GUELPH, ON, March 20, 2024 /PRNewswire/ -- Recurrent Energy, a subsidiary of Canadian Solar Inc. ("Canadian Solar") (NASDAQ: CSIQ) and a global developer and owner of solar and energy storage assets, announced today the acquisition of a solar PV portfolio in the south of Spain with a capacity of more than 420 MWp. Recurrent Energy currently has projects in various stages of development in Spain and expects to start construction on more than 1 GW of solar projects in the country in 2024.

The recently acquired portfolio is located in Carmona, a municipality in Seville (Andalusia) and consists of a cluster of four projects, Rey I, II, III and IV, with an aggregate capacity of more than 420 MWp. These projects are currently under construction and will feature Canadian Solar's TopBiHiKu7 N-type bifacial TOPCon (Tunnel Oxide Passivated Contact) technology modules.

Once completed, Project Rey will not only supply clean, renewable energy, but also contribute economic and social benefits to the local community, including creating jobs and enhancing regional economic development.

The Rey portfolio is expected to produce approximately 916,000 MWh of clean energy each year, servicing the needs of more than 275,000 homes in the region and displacing approximately 184,000 tons of CO2 emissions.

Ismael Guerrero, CEO of Recurrent Energy, said, "The acquisition of this solar portfolio reflects our commitment to grow our assets both in Spain and around the world. While our goal is to strategically grow our development pipeline and assets under management through greenfield development, we continue to look for high-value acquisition opportunities. We are delighted to add the Rey projects to our growing portfolio."

About Recurrent Energy

Recurrent Energy is one of the world's largest and most geographically diversified utility-scale solar and battery 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 http://www.recurrentenergy.com/.

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 energy storage solutions, and developer of utility-scale solar power and battery energy storage projects with a geographically diversified pipeline in various stages of development. Over the past 22 years, Canadian Solar has successfully delivered over 118 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 10 GWp of solar power projects and 3.3 GWh of battery energy storage projects across the world. Currently, the Company has approximately 1 GWp of solar power projects in operation, 7.4 GWp of projects under construction or in backlog (late-stage), and an additional 19.9 GWp of projects in advanced and early-stage pipeline. In addition, the Company has 600 MWh of battery energy storage projects in operation and a total battery energy storage project development pipeline of approximately 55 GWh, including approximately 3.5 GWh under construction or in backlog, and an additional 51 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; 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.
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Recurrent Energy Media Inquiries
Inés Arrimadas 
Recurrent Energy 
ines.arrimadas@recurrentenergy.com