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Recurrent Energy Signs Agreement to Sell 150 MWac Virginia Solar Project to Appalachian Power
GUELPH, Ontario, Jan. 5, 2022 /PRNewswire/ -- Canadian Solar Inc. ("Canadian Solar") (NASDAQ: CSIQ) today announced its wholly-owned subsidiary, Recurrent
About this update from Canadian Solar Inc.
[{"type":"text","content":"GUELPH, Ontario, Jan. 5, 2022 /PRNewswire/ -- Canadian Solar Inc. (\"Canadian Solar\") (NASDAQ: CSIQ) today announced its wholly-owned subsidiary, Recurrent Energy, LLC (\"Recurrent\"), has completed a purchase and sale agreement with Appalachian Power for Recurrent's Firefly Energy solar project located in Pittsylvania County, Virginia. With a capacity of 150 MWac, the Firefly project will be Appalachian Power's largest solar energy acquisition to date and will help the utility meet its clean energy requirements under the Virginia Clean Economy Act (VCEA). \nThe Firefly Energy solar project will be developed and constructed by Recurrent under a Build Transfer Agreement (BTA). Once construction is completed, Appalachian Power, which serves customers in Virginia, West Virginia, and Tennessee, will be the long-term owner of the project. Pending local and state permits and other regulatory approvals, construction of the project is expected to start in early 2023 and reach commercial operation in 2024.\nRecurrent received approval on its Siting Agreement for the Firefly project last month from the Pittsylvania County Board of Supervisors. The agreement provides $2.25 million in upfront payments to Pittsylvania County in addition to long-term revenue for public services over the life of the project. \"We appreciate Recurrent working with the County to strike a balance that allows solar development to happen in a way that minimizes visual impact and positively impacts our community,\" said County Administrator David Smitherman.\n\"The 150 MWac Firefly project in Virginia expands our growing footprint across the eastern United States, delivering turnkey projects for utilities and other investors,\" said Dr. Shawn Qu, chairman and CEO of Canadian Solar. \"We are pleased to have been selected through a competitive process and to be a part of Appalachian Power's major solar energy expansion. We look forward to advancing this project through development and construction, and delivering a renewable solar energy project to Appalachian Power that will help them serve their Virginia customers.\"\nPassed in 2020 by the Virginia General Assembly, the VCEA seeks to end carbon dioxide emissions from the utility industry in Virginia. Appalachian Power intends to meet its VCEA targets primarily through future investments in solar, wind, energy stora...