Canadian Solar Inc., one of the worlds largest solar power companies, announced that its wholly owned subsidiary Recurrent Energy, LLC has signed a 15-year power purchase agreement (PPA) with Anheuser-Busch for 310 MWp/222 MWac of electricity from its Maplewood solar project. This landmark contract is the seventh largest commercial and industrial (C&I) power purchase agreement for solar energy signed in the entire world to date, according to data supplied by Bloomberg New Energy Finance. The PPA, which marks the early achievement of Anheuser-Buschs 2025 Renewable Electricity goal in the United States, also represents the U.S. beverage industrys largest single purchase of solar energy.
The signing of this power purchase agreement with Anheuser-Busch, the U.S. beer industry leader, demonstrates Canadian Solars ability to meet the needs of a diverse array of corporate customers. Were honored to supply affordable clean energy to a C&I customer base spanning the sectors of academia, transportation, traditional energy, and now food and beverage, said Dr. Shawn Qu, chairman at Canadian Solar. Looking at publicly announced deals, we are proud to be the leading solar developer in the Texas market, with over 1.3 gigawatts of signed electricity contracts for energy generated within ERCOTs service territory.
The Maplewood solar project, located in Pecos County in the Permian Basin of West Texas, will power the equivalent of 55,000 homes with clean electricity when it enters operation by 2021. Canadian Solars high efficiency poly modules are likely to be used for the project.
We take immense pride in being good stewards of the environment and are excited to announce that by 2021 our entire portfolio of beers will be brewed by using 100 percent renewable electricity from solar and wind power, said Ingrid De Ryck, Vice President, Procurement and Sustainability at Anheuser-Busch. Through our new partnership with Recurrent Energy, we will be able to complete one of our 2025 U.S. sustainability goals four years ahead of schedule.
Recurrent Energy is in the early stages of seeking potential equity partners on the Maplewood project portfolio that includes Maplewood and Maplewood 2. More information on the projects can be found on the portfolio web page: recurrentenergy.com/portfolio/maplewood/.
Recurrent Energy has also recently signed electricity contracts with other C&I customers including Energy Transfer as was also announced on June 4, as well as with San Francisco Bay Area Rapid Transit and a leading Silicon Valley university.
About Recurrent Energy
Recurrent 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 Solars U.S. project development arm. Recurrent Energy has approximately 5 GW of solar and storage projects in development in the U.S.
About Canadian Solar Inc.
Canadian Solar was founded in 2001 in Canada and is one of the worlds 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 solar power projects in various stages of development. Over the past 18 years, Canadian Solar has successfully delivered over 34 GW of premium-quality, solar photovoltaic modules to customers in over 150 countries. Canadian Solar is one of the most bankable companies in the solar industry, having been publicly listed on NASDAQ since 2006.