GUELPH, ON - Canadian Solar Inc. (NASDAQ: NASDAQ:CSIQ), through its subsidiary Recurrent Energy, has acquired a solar photovoltaic (PV) project portfolio exceeding 420 megawatts peak (MWp) in southern Spain.
This move is part of the company's expansion strategy in the Spanish renewable energy market, with construction on additional solar projects totaling over 1 gigawatt planned for 2024.
The portfolio, situated in Carmona, Seville, comprises four projects named Rey I, II, III, and IV, all currently under construction. These projects will utilize Canadian Solar's advanced N-type bifacial TOPCon (Tunnel Oxide Passivated Contact) technology modules, designed to increase efficiency and energy yield.
Once operational, the Rey projects are expected to generate around 916,000 megawatt-hours (MWh) of clean energy annually, enough to power more than 275,000 homes. This initiative is anticipated to significantly reduce carbon emissions in the area by approximately 184,000 tons per year and provide economic and social benefits, including job creation and regional economic development.
Ismael Guerrero, CEO of Recurrent Energy, highlighted the acquisition as a reflection of the company's commitment to growing its global assets and development pipeline through strategic acquisitions and greenfield development.
Recurrent Energy is a leading developer and operator of utility-scale solar and battery energy storage projects. As a wholly-owned subsidiary of Canadian Solar, it contributes to the parent company's extensive global portfolio, which includes approximately 1 GWp of operating solar power projects, 7.4 GWp under construction or in backlog, and 19.9 GWp in advanced and early-stage development.
Canadian Solar, established in 2001, stands as one of the world's largest solar technology and renewable energy companies. It has delivered over 118 GW of solar photovoltaic modules globally and has been publicly listed on the NASDAQ since 2006.
The information in this article is based on a press release statement and reflects the company's plans as of today. It is important to note that forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those projected.
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