Recurrent Energy Announces Successful Operation of 134 MW Solar Project

Recurrent Energy, a wholly-owned subsidiary of Canadian Solar Inc. (“Canadian Solar”) (NASDAQ: CSIQ) and a global developer, owner, and operator of solar and energy storage assets, announced that Liberty Solar, a 134 MW (100 MWac) solar project near Houston, Texas, has reached commercial operation.

To recognize this milestone, Recurrent Energy hosted project customers at Liberty Solar yesterday for a guided tour and ribbon cutting ceremony.

Liberty Solar is in Liberty County, Texas, about 50 miles northeast of Houston. Customers for the project include Autodesk, Inc., Biogen Inc., EMD Electronics (the U.S. and Canada electronics business of Merck KGaA, Darmstadt, Germany), and Wayfair Inc. Liberty Solar expands solar energy capacity in the Midcontinent Independent System Operator (MISO) market and will produce enough energy to power approximately 15,000 homes annually. 

Ismael Guerrero, CEO of Recurrent Energy, said, “Liberty Solar is a fantastic project that expands Recurrent Energy’s project ownership in MISO. We are thrilled to complete this project on time and on budget in support of the renewable energy goals of our customers.”

Mark Stover, Executive Director of Texas Solar Power Association, said, “Projects like Liberty Solar are instrumental to meeting the soaring demand for electricity in Texas. We commend Recurrent Energy for pushing through the development process and working with corporate buyers to deliver new, predictable, clean power to the MISO region of Texas.”

Kai Beckmann, CEO Electronics of Merck KGaA, Darmstadt, Germany, said, “As a supplier of materials and solutions for the semiconductor industry, energy is a crucial aspect of progress in the industry for us. We aim not only to contribute through our research and development to make new technologies like artificial intelligence and advanced chips more energy-efficient, but also to reduce our own footprint in the value chain. Liberty Solar is an important project that demonstrates our commitment to putting our ambitions into action.”

Kathleen Woodward, Interim Head of Sustainability at Biogen, said, “As a company that has maintained 100% renewable electricity since 2014, Biogen has long recognized the importance of building a cleaner, more resilient energy grid. We’re delighted to celebrate this milestone in a project designed to provide the sustainable energy communities need to advance economic growth and public health. Biogen’s support of Liberty Solar is part of our broader ambition to foster a healthier, more sustainable future for all.”

Joe Speicher, Chief Sustainability Officer at Autodesk, said, “Investment in additional renewable capacity on the grid is essential to delivering more sustainable outcomes, and we believe that the Liberty Solar project will help make renewable energy more accessible in North America. Autodesk is committed to 100% renewable energy sourcing for our facilities, cloud services and hybrid workforce, and we are committed to leveraging our climate commitments to drive transformational change in our energy generation and deployment.”

Recurrent Energy plans to remain the long-term owner and operator of the project. Recurrent Energy previously announced that Rabobank, Nord LB and U.S. Bancorp Impact Finance, a subsidiary of U.S. Bank, provided the construction loan for the project. U.S. Bancorp Impact Finance is also providing the tax equity totaling $80 million.

Recurrent Energy | https://recurrentenergy.com/

Canadian Solar | www.canadiansolar.com