Canadian Solar Inc. (the "Company", or "Canadian Solar") (NASDAQ: 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.
Source: Canadian Solar
Date: Jan 24, 2017