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Canadian Solar Signs Electricity Agreement on Alberta's Largest Solar Photovoltaic Project
GUELPH, Ontario, July 25, 2019 /PRNewswire/ -- Canadian Solar Inc. (the "Company", or "Canadian Solar") (NASDAQ: CSIQ), one of the world's largest solar
About this update from Canadian Solar Inc.
[{"type":"text","content":" GUELPH, Ontario, July 25, 2019 /PRNewswire/ -- Canadian Solar Inc. (the \"Company\", or \"Canadian Solar\") (NASDAQ: CSIQ), one of the world's largest solar power companies, today announced that it has signed an agreement for the purchase of electricity from its 32 MWp/23 MWac Suffield solar facility with Direct Energy, one of North America's largest energy and energy-related services providers, and a subsidiary of Centrica PLC. The Suffield project, located in Southeast Alberta, is anticipated to be the largest solar photovoltaic (PV) facility in the province of Alberta when it enters operation in 2020.\n\"We've enjoyed partnering with Direct Energy to develop creative solutions like the long-term electricity off-take agreement signed on the Suffield solar project,\" said Shawn Qu, chairman at Canadian Solar. \"We're proud to bring some of the latest solar technology to Alberta, the Canadian province known for its energy leadership. The Suffield project will utilize bifacial solar modules, which are well-suited to operate not only in the heat of summer when air conditioning drives electricity demand, but also in cloudy or even snowy weather.\"\nBifacial modules, such as Canadian Solar's high efficiency BiKu modules that will be used on the project, offer many advantages when compared with traditional solar panels. Producing electricity from both sides of the solar panel allows for an increase in both total energy generation and in reliability during winter months. The Suffield project will also employ single-axis trackers, which allow the solar arrays to follow the sun's trajectory throughout the day, also maximizing electricity production. \n\"With increased customer demand in summer, the addition of 23 megawatts of solar output will help Direct Energy build renewable power supply options for our customers and provide an alternative to traditional market-based hedges,\" said David Brast, Senior Vice President, North America – Power & Gas, Direct Energy Business. \"We are also proud that our long-term agreement with Canadian Solar on the Suffield project is the first major step in Alberta towards Centrica's global commitment to provide products and services that lead to a lower carbon future.\"\nWhile the majority of funding for the facility has been provided through private market investment, it was announced in January t...