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Canadian Solar Subsidiary Recurrent Energy Closes North Carolina Project Sale
GUELPH, Ontario, Nov. 18, 2019 /PRNewswire/ -- Canadian Solar Inc. (the "Company" or "Canadian Solar") (NASDAQ: CSIQ), today announced its wholly-owned
About this update from Canadian Solar Inc.
[{"type":"text","content":"GUELPH, Ontario, Nov. 18, 2019 /PRNewswire/ -- Canadian Solar Inc. (the \"Company\" or \"Canadian Solar\") (NASDAQ: CSIQ), today announced its wholly-owned subsidiary Recurrent Energy has closed the sale of 99 percent of the partnership that owns the Class B membership interest in the 74.8 MWac/102 MWp NC 102 solar photovoltaic project, located in Cabarrus County, North Carolina, to NextEnergy Capital.\nNextEnergy Capital indirectly acquired 99 percent of the interests through NextPower III, its third institutional solar fund. In May 2018, Recurrent Energy secured the debt and tax equity financing for the project from Prudential Capital Group and U.S. Bancorp Community Development Corporation.\nThe North Carolina project, which reached commercial operation at the end of September 2018, is one of the largest operating solar projects in North Carolina. The project has a power purchase agreement with Duke Energy Carolinas and generates enough clean solar power to meet the energy needs of approximately 12,000 homes. \n\"The NC 102 project is Recurrent Energy's second solar project in the North Carolina market and another example of the Company's ability to grow its U.S. footprint,\" said Dr. Shawn Qu, chairman and chief executive officer of Canadian Solar. \"We are very pleased to partner with NextEnergy Capital on the acquisition of their first operating project in the U.S. and look forward to continuing our collaboration in the U.S. and other markets.\"\nCanadian Solar expects to recognize the revenue from the transaction in the fourth quarter of 2019.\nAbout Recurrent Energy\nRecurrent Energy is a leading utility-scale solar and energy storage project developer, delivering competitive, clean electricity to large energy buyers. Based in the U.S., Recurrent Energy is a wholly owned subsidiary of Canadian Solar Inc. and functions as Canadian Solar's U.S. project development arm. Recurrent Energy has approximately 7 GW of solar and storage projects in development in the U.S. Additional details are available at www.recurrentenergy.com.\nAbout Canadian Solar Inc.\nCanadian Solar was founded in 2001 in Canada and is one of the world's largest and foremost solar power companies. It is a leading manufacturer of solar photovoltaic modules and provider of solar energy solutions and has a geographically diversified pipeline of utility-scale ...