Sempra Renewables acquires California solar project from Canadian solar subsidiary Recurrent Energy
Wednesday, Aug 09, 2017
Recurrent Energy, a wholly owned subsidiary of Canadian Solar Inc. ("Canadian Solar") (NASDAQ: CSIQ), today announced that Sempra Renewables LLC, a unit of Sempra Energy (NYSE: SRE), has acquired its 200 MWac/281 MWp Great Valley Solar project, previously called Tranquillity 8.

"We are pleased to work with a market-leading partner like Sempra Renewables on this transaction," said Dr. Shawn Qu, chairman and chief executive officer of Canadian Solar. "Recurrent Energy's strong portfolio of U.S. solar assets continues to create value for our customers and shareholders."

The Great Valley Solar project, currently under construction in Fresno County, Calif., is located on approximately 1,600 acres adjacent to the 200 MWac/258 MWp Tranquillity Solar Facility. The Tranquillity facility was completed by Recurrent Energy in late 2016 and is majority-owned by a subsidiary of Southern Power.

The project, which is expected to be fully completed by Sempra Renewables in the third quarter 2018, should generate enough clean electricity to meet the energy needs of approximately 50,000 homes. Sempra Renewables has assumed construction of the project and will operate the facility, which is fully contracted under four independent long-term, power purchase agreements.

About Recurrent Energy

Recurrent Energy is a leading utility-scale solar 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 more than 4 GW of solar projects in development in the U.S.

About Canadian Solar Inc.

Founded in 2001 in Canada, Canadian Solar is one of the world's largest and foremost solar power companies. As a leading manufacturer of solar photovoltaic modules and a provider of solar energy solutions, Canadian Solar has a geographically diversified pipeline of utility-scale power projects in various stages of development. In the past 16 years, Canadian Solar has successfully delivered over 21 GW of premium quality modules to over 100 countries around the world. Furthermore, Canadian Solar is one of the most bankable companies in the solar industry, having been publically listed on NASDAQ since 2006.

For more information, please visit: https://www.canadiansolar.com

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