Business
Recurrent Energy Signs Aggregation Deal for 100 MW of Solar Energy in Texas with Industry Consortium
Recurrent Energy is developing Liberty Solar, located in the MISO South region of Texas, and anticipates the project to start producing renewable electricity
About this update from Canadian Solar Inc.
[{"type":"text","content":"Recurrent Energy is developing Liberty Solar, located in the MISO South region of Texas, and anticipates the project to start producing renewable electricity by 2024\nGUELPH, ON and HOUSTON, May 15, 2023 /PRNewswire/ -- Recurrent Energy, LLC (\"Recurrent\"), a wholly owned subsidiary of Canadian Solar Inc. (\"Canadian Solar\") (NASDAQ: CSIQ), today announced that it has signed an aggregated virtual power purchase agreement with EMD Electronics, Biogen Inc., Wayfair Inc., Autodesk, Inc. and a large healthcare company for 100% of the production capacity of the Liberty Solar project. Recurrent Energy is currently developing the 100 MWac solar project in Liberty County, Texas, around 50 miles from Houston. The project is expected to be operational in 2024.\nLiberty Solar will expand solar energy capacity in the Midcontinent Independent System Operator (MISO) region, which includes most of Liberty County where Liberty Solar is located. Solar energy currently makes up only 1% of the resource mix in MISO. Liberty Solar will produce enough energy to power approximately 15,000 homes annually. \nDr. Shawn Qu, Chairman and CEO of Canadian Solar said, \"Recurrent Energy is pleased to advance one of the largest peer-buyer organized corporate virtual power purchase agreements with this consortium of customers. We appreciate Sustainability Roundtable Inc. for bringing these five companies together to help enable Recurrent Energy's 100 MWac Liberty Solar project with 16-year contracts. This agreement will serve as a model for corporate procurement, further expanding the number of companies with robust credit ratings to make more renewable energy projects possible.\"\nEMD Electronics, the U.S. and Canada electronics business of Merck KGaA, Darmstadt, Germany, will purchase renewable energy generated by a 40 MW portion of Liberty Solar, serving as the anchor buyer of the project. Once operational, Liberty Solar will help achieve Merck KGaA, Darmstadt, Germany's goal to match 80% of the globally purchased electricity from renewable sources by 2030 and become climate neutral by 2040.\nKai Beckmann, Member of the Executive Board of Merck KGaA, Darmstadt, Germany and CEO Electronics, said, \"We have set ambitious goals and want to do our part to enable more sustainable supply chains worldwide. In addition to matching our electricity consumption with ...