Recurrent Energy to deliver 1,800 MWh of energy storage and 150 MWac of solar capacity to Arizona Public Service by 2026 | CSIQ Stock News

Oct 31, 2024

Recurrent Energy, a Canadian Solar subsidiary, has signed two new 20-year tolling agreements with Arizona Public Service Company (APS) for the Desert Bloom Storage (600 MWh) and Papago Solar (150 MWac) projects in Maricopa County. These projects, combined with the previously announced 1,200 MWh Papago Storage project, will total 1,800 MWh of energy storage and 150 MWac of solar capacity. The facilities will power the equivalent of 72,000 homes for four hours (storage) and 24,000 homes annually (solar). Construction is scheduled to begin in 2025, with operations starting in 2026. The projects will support Arizona's growing energy needs and contribute to the state's goal of adding significant clean energy capacity by 2030.

Recurrent Energy, una sussidiaria di Canadian Solar, ha firmato due nuovi contratti di tolling di 20 anni con Arizona Public Service Company (APS) per i progetti Desert Bloom Storage (600 MWh) e Papago Solar (150 MWac) nella Contea di Maricopa. Questi progetti, uniti al precedente progetto di stoccaggio Papago da 1.200 MWh, porteranno a un totale di 1.800 MWh di energia di stoccaggio e 150 MWac di capacità solare. Le installazioni forniranno energia equivalente a 72.000 famiglie per quattro ore (stoccaggio) e a 24.000 famiglie annualmente (solare). La costruzione è prevista per il 2025, con l'inizio delle operazioni nel 2026. I progetti supporteranno le crescenti esigenze energetiche dell'Arizona e contribuiranno all'obiettivo dello stato di aggiungere una significativa capacità di energia pulita entro il 2030.

Recurrent Energy, una subsidiaria de Canadian Solar, ha firmado dos nuevos acuerdos de peaje de 20 años con Arizona Public Service Company (APS) para los proyectos Desert Bloom Storage (600 MWh) y Papago Solar (150 MWac) en el Condado de Maricopa. Estos proyectos, junto con el previamente anunciado proyecto de almacenamiento Papago de 1,200 MWh, sumarán un total de 1,800 MWh de almacenamiento de energía y 150 MWac de capacidad solar. Las instalaciones proporcionarán energía equivalente a 72,000 hogares durante cuatro horas (almacenamiento) y a 24,000 hogares anualmente (solar). La construcción está programada para comenzar en 2025, con operaciones iniciando en 2026. Los proyectos apoyarán las crecientes necesidades energéticas de Arizona y contribuirán al objetivo del estado de agregar capacidad significativa de energía limpia para 2030.

Recurrent Energy는 캐나다의 태양광 자회사로, Arizona Public Service Company (APS)와 함께 Maricopa 카운티에 위치한 Desert Bloom Storage(600 MWh)와 Papago Solar(150 MWac) 프로젝트에 대해 새로운 20년간의 요금 계약 두 건을 체결했습니다. 이 두 프로젝트는 이전에 발표된 1,200 MWh Papago Storage 프로젝트와 합쳐서 1,800 MWh의 에너지 저장 용량과 150 MWac의 태양광 용량을 갖추게 됩니다. 이 시설은 4시간 동안 72,000 가구에 해당하는 전력과 연간 24,000 가구에 해당하는 태양광 전력을 공급할 것입니다. 건설은 2025년에 시작될 예정이며, 운영은 2026년에 시작됩니다. 이 프로젝트는 아리조나의 증가하는 에너지 수요를 지원하고, 2030년까지의 청정 에너지 용량 추가 목표에 기여할 것입니다.

Recurrent Energy, une filiale de Canadian Solar, a signé deux nouveaux contrats de péage de 20 ans avec Arizona Public Service Company (APS) pour les projets Desert Bloom Storage (600 MWh) et Papago Solar (150 MWac) dans le comté de Maricopa. Ces projets, combinés au projet de stockage Papago de 1 200 MWh précédemment annoncé, permettront un total de 1 800 MWh de stockage d'énergie et de 150 MWac de capacité solaire. Les installations fourniront suffisamment d'énergie pour l'équivalent de 72 000 foyers pendant quatre heures (stockage) et de 24 000 foyers par an (solaire). La construction est prévue pour commencer en 2025, avec le début des opérations en 2026. Ces projets soutiendront les besoins énergétiques croissants de l'Arizona et contribueront à l'objectif de l'État d'ajouter une capacité significative d'énergie propre d'ici 2030.

Recurrent Energy, eine Tochtergesellschaft von Canadian Solar, hat zwei neue 20-Jahres-Verträge mit Arizona Public Service Company (APS) für die Projekte Desert Bloom Storage (600 MWh) und Papago Solar (150 MWac) im Maricopa County unterzeichnet. Diese Projekte, zusammen mit dem zuvor angekündigten 1.200 MWh Papago Storage Projekt, werden insgesamt 1.800 MWh an Energiespeicher und 150 MWac an solarer Leistung umfassen. Die Anlagen werden die Energie für 72.000 Haushalte für vier Stunden (Speicherung) und für 24.000 Haushalte jährlich (Solar) bereitstellen. Der Bau soll 2025 beginnen, die Betriebsaufnahme ist für 2026 geplant. Die Projekte werden den wachsenden Energiebedarf Arizonas unterstützen und zur staatlichen Zielsetzung beitragen, bis 2030 signifikante Kapazitäten für saubere Energie hinzuzufügen.

This major energy storage and solar deal marks a significant expansion of CSIQ's footprint in Arizona's rapidly growing energy market. The combined 1,800 MWh storage and 150 MWac solar capacity represents a substantial infrastructure investment that will serve approximately 96,000 homes. The 20-year tolling agreements provide long-term revenue stability and strengthen CSIQ's position in the renewable energy sector.

The strategic timing aligns perfectly with Arizona's ambitious clean energy goals, targeting 7,600 MW of utility-scale solar and 5,900 MW of battery storage by 2030. This positions CSIQ favorably to capture additional market share in a state projecting $14 billion in clean energy capital investment. The Papago Storage project, set to become Arizona's largest standalone storage facility, demonstrates CSIQ's capability to execute large-scale projects and establishes a strong competitive advantage in the region.

This deal significantly strengthens CSIQ's recurring revenue stream and market position. The 20-year contracts provide predictable cash flows and demonstrate the company's ability to secure major utility partnerships. With Recurrent Energy's track record of 3.7 GWh of battery storage and 11 GWp of solar projects, this expansion reinforces their credibility in the utility-scale energy market.

The project's backing by key political figures and industry leaders, including Senator Mark Kelly and the American Clean Power Association, indicates strong regulatory support and reduced execution risk. The alignment with the Inflation Reduction Act benefits suggests potential tax incentives and federal support, enhancing project economics and long-term value creation for shareholders.

Recurrent Energy's latest energy storage and solar tolling agreements with APS support Arizona's expanding energy needs

GUELPH, ON and PHOENIX, Oct. 31, 2024 /PRNewswire/ -- Recurrent Energy, a subsidiary of Canadian Solar Inc. ("Canadian Solar") (NASDAQ: CSIQ) and a global developer, owner, and operator of solar and energy storage assets, announced today that it has signed two new tolling agreements with Arizona Public Service Company (APS).

The 20-year tolling agreements encompass the Desert Bloom Storage and Papago Solar projects. Both projects, located in Maricopa County, Arizona, are scheduled to start construction in 2025 and reach operation in 2026. Desert Bloom Storage is a 600 MWh standalone storage facility, while Papago Solar is a 150 MWac solar facility.

Last year, Recurrent Energy announced that it had secured a 20-year tolling agreement with APS for its 1,200 MWh Papago Storage project. The Papago Storage project is currently in construction and scheduled to commence operations in 2025. Once operational, Papago Storage will be the largest standalone energy storage project in Arizona.

Together, the three announced tolling agreements with APS total 1,800 MWh of energy storage and 150 MWac of solar. This is enough energy storage to dispatch power for the equivalent of 72,000 homes for four hours and enough solar to power the equivalent of approximately 24,000 homes per year.

Brian Cole, APS Vice President of Resource Management, said, "With more people and businesses moving to Arizona, we expect our customers' energy needs to continue to increase significantly over the next several years. We are thoughtfully planning to meet that growing demand with reliable and clean electricity at the lowest cost possible through the addition of projects like Desert Bloom Storage, Papago Solar, and Papago Storage."

Recurrent Energy is one of the world's largest clean energy platforms. To date, Recurrent Energy has brought online 3.7 GWh of battery energy storage and 11 GWp of solar power projects.

Ismael Guerrero, CEO of Recurrent Energy, said, "Our partnership with APS on 1.8 GWh of storage and 150 MW of solar capacity represents a remarkable build out of energy infrastructure in the Phoenix area. APS has long been a leader in clean energy innovation, and we are thankful for APS's trust as we provide the projects needed to help satisfy Arizona's growing electricity demand. We look forward to continuing to build an enduring partnership with APS."

Arizona currently has 1,000 MW of operating energy storage, and renewable energy makes up 12 percent of the state's electricity mix. To keep up with growing demand, by 2030, Arizona anticipates adding 7,600 MW of utility-scale solar power, 1,700 MW of wind power, and 5,900 MW of battery storage—enough clean electricity to power the equivalent of over 5 million homes. This projected clean energy capacity represents $14 billion in expected capital investment[1].

Arizona Senator Mark Kelly, said, "As Arizona continues to grow and attract more technology and manufacturing investments, innovative solar and energy storage projects like this are a critical piece of providing clean, affordable, reliable power to our state's businesses and families. These new agreements will advance Arizona's transition towards a renewable energy future and leadership in clean energy innovation."

U.S. Representative Ruben Gallego, said, "Thanks to the Inflation Reduction Act, which I fought to pass, Arizona is benefiting from major investments to help us meet our energy demands. The projects announced today will create hundreds of good-paying jobs, and I look forward to seeing hundreds of thousands of Arizona homes powered by clean, affordable energy in the coming years."

Commissioner Lea Márquez Peterson, Arizona Corporation Commission, said, "Arizona has the natural resources here to support the increasing demand for electricity as the state's population and business opportunities continue to thrive. With standalone energy storage projects like Recurrent's Desert Bloom Storage and Papago Storage projects, we are proving ourselves as a forward-thinking state that has set the stage for economic and sustainable prosperity."

Jason Grumet, CEO of the American Clean Power Association, said, "Recurrent and APS are shining examples of Arizona's growing leadership in clean energy deployment. These projects enhance our country's energy security and help to meet rising energy demand with affordable, clean and reliable American-made power."

[1] https://www.fuelforthought.energy/press/clean-energy-powers-arizona

About Recurrent EnergyRecurrent 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 subsidiary of Canadian Solar Inc. Additional details are available at 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 23 years, Canadian Solar has successfully delivered over 133 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 approximately 11 GWp of solar power projects and 3.7 GWh of battery energy storage projects across the world. Currently, the Company has approximately 1.6 GWp of solar power projects in operation, 6.5 GWp of projects under construction or in backlog (late-stage), and an additional 20.9 GWp of projects in advanced and early-stage pipeline. In addition, the Company has 1 GWh of battery energy storage projects in operation and a total battery energy storage project development pipeline of around 63 GWh, including approximately 8.5 GWh under construction or in backlog, and an additional 54.3 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 StatementsCertain 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 Canadian Solar's filings with the Securities and Exchange Commission, including its annual report on Form 20-F filed on April 26, 2024. Although Canadian Solar and Recurrent Energy believe 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 and Recurrent Energy undertake no duty to update such information, except as required under applicable law.

Canadian Solar Inc. Investor Relations Contact Wina HuangInvestor RelationsCanadian Solar [email protected]

Recurrent Energy Media ContactInés ArrimadasRecurrent [email protected]

Ally CoppleInnovant Public [email protected]

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SOURCE Canadian Solar Inc.