Recurrent Energy, LLC ("Recurrent"), a wholly owned subsidiary of Canadian Solar Inc. ("Canadian Solar") (NASDAQ: CSIQ), today announced that the Louisiana Public Service Commission (LPSC) has approved a power purchase agreement for the 132 MW dc/ 98 MWac Bayou Galion solar project located in Morehouse Parish in Northeast Louisiana.
The Bayou Galion solar project is expected to start construction and begin operation in 2024. Once in operation, the project is capable of powering more than 18,000 homes annually and offsetting the equivalent of 170 metric tons of CO2 emissions per year.
The Bayou Galion solar project is a part of 1803 Electric Cooperative's ("1803 Electric Coop") recently approved power generation portfolio to supply energy to five Louisiana rural electric cooperatives for the next 20 years. The approved portfolio includes 343 MWac of solar energy, including Recurrent's 98 MWac Bayou Galion solar project, and will significantly increase the amount of solar energy capacity in the state. As of year-end 2021, Louisiana had approximately 200 MW of solar energy installed.
Dr. Shawn Qu, chairman and CEO of Canadian Solar, said, "Solar energy is the lowest cost new energy resource across the U.S. and we are pleased to support 1803 Electric Coop's goals to bring lower rates for its members. We look forward to continuing to advance the development of the Bayou Galion solar project and starting construction in 2024."
LPSC Chairman Craig Greene said at the commission meeting, "1803 followed all of the commission rules and conducted a competitive RFP, whereby 31 bidders put forth 197 qualifying offers. This robust response to 1803's RFP I think is a powerful indication that a broad cross-section of companies want to invest in Louisiana's energy future and deliver lower rates with reliable, flexible options to customers. This is a great day for the state of Louisiana and for this commission."
Charles Hill, General Manager of 1803 Electric Coop, said, "Being able to provide a reduction in future rates for our members is extraordinary. We are pleased to partner with Recurrent Energy, a well-respected solar and energy storage developer, and we look forward to bringing this project online."
LPSC Commissioner Foster Campbell, who represents the parish where the Bayou Galion project will be located, said, "I am confident that 1803's proposal and Recurrent Energy's project will provide reliable and inexpensive power to these Louisiana co-ops for years to come. In addition, Recurrent's Bayou Galion project will bring around 300 construction jobs to our area."
1803 Electric Coop's members serve approximately 120,000 members in Louisiana. ACES administered the selection process for the entire selected and approved power generation portfolio on behalf of 1803 Electric Coop.
Source: Canadian Solar
Date: May 3, 2022
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