Recurrent Energy, a subsidiary of Canadian Solar Inc. ("Canadian Solar") (NASDAQ: CSIQ) and a global developer, owner, and operator of solar and energy storage assets, announced today the signing of a 10-year Power Purchase Agreement (PPA) with a major U.S.-based technology company.
Under this agreement, the counterparty will procure renewable energy from a Recurrent Energy solar PV project located in Valladolid, in the northwestern Spanish autonomous community of Castilla y León. The Tordesillas solar PV project has an installed capacity of 300 MWp (peak) and is expected to be operational by 2026. Following energization, Recurrent Energy plans to own and operate the solar project.
Ismael Guerrero, CEO of Recurrent Energy, said, "We are very pleased to continue to support leading technology companies in their commitments to achieve net zero carbon emissions. The trust placed in us reflects Recurrent Energy's proven expertise in executing large-scale projects for major global customers. This PPA demonstrates both companies' dedication to combating climate change through cost-competitive renewable energy investments."
The Tordesillas project will strengthen Spain's position as a renewable energy leader and help the country meet its decarbonization targets. The project is expected to generate approximately 620 GWh per year, the equivalent of powering 188,000 households and avoiding 161,000 tons of CO2 equivalent annually.
Recurrent Energy continues to expand its portfolio of solar PV and energy storage projects in development across all regions of the world. In Spain, Recurrent Energy has a project development pipeline of more than 2 GW of solar projects and 60 MWh of battery energy storage.
