PSEG Acquires Two Power Plants from Canadian Solar
SAN RAMON, Calif., Dec. 23, 2013 -- Canadian Solar Inc. (NASDAQ: CSIQ), one of the world's largest solar power companies and PSEG (NYSE: PEG) today announced that Canadian Solar's subsidiary, CSI Holdco LLC sold two utility-scale solar power plants totaling 4.4 MW DC (3 MW AC) to PSEG subsidiary, PSEG Solar Source. The plants have a 20-year off taking agreement with PG&E.
The solar installations, together now called the PSEG Shasta Solar Farm, are the largest in mountainous Shasta county, built at over 3,300 feet in elevation between iconic Mount Lassen and Mount Shasta. The closing occurred on December 16, 2013. Construction started in July of 2013, with commercial operation expected in early 2014. Blue Oak Energy is providing turnkey engineering, procurement and construction ("EPC") services to complete the projects and will provide operations and maintenance ("O&M") services after completion.
The PSEG Shasta Solar Farm is expected to include approximately 14,592 Canadian Solar CS6X modules. The solar farm will power approximately 785 homes. Combined, the two plants will offset nearly 6,289 tons of CO≤, which is equivalent to taking nearly 1,189 automobiles off the road.
This is the first West Coast project for PSEG Solar Source, which develops, constructs, owns and operates utility scale solar projects. It owns the largest solar facilities in Delaware and Ohio, the second largest in Florida as well as projects in Arizona and New Jersey.
"PSEG is pleased to announce this, our 7th utility scale solar project," said Diana Drysdale, President of PSEG Solar Source. "We continue to work with best-in-class partners like Canadian Solar to invest in projects that provide emissions-free solar energy that help meet solar and renewable targets across the U.S."
"We are proud to partner with PSEG, a renowned institution, on these showcase utility-scale solar power plants," commented Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar Inc. "As a Tier 1 company, Canadian Solar boasts a low risk, high quality pipeline, with the proven ability to execute to each end buyer's specifications, and the bankability needed to attract strong end buyers. Our fast growing record of solar project successes worldwide, is allowing us to gain added momentum in key markets worldwide, including the U.S., Canada, and Japan, as well as in fast growing emerging markets such as China."
Ignite Solar, a Texas Based PV development company, was the initial developer of the Fall River Mills project.
"Through Ignite Solar's community outreach program we had the opportunity to meet with and get feedback from many of our neighbors and community members. It was an absolute pleasure to work with the Fall River Mills community and we appreciate their support for our project!" said Peter Mathey, President and CEO of Ignite Solar.
Canadian Solar modules are covered by a 10-year warranty on materials and workmanship, along with a 25-year linear power output performance guarantee. In addition, Canadian Solar's product and performance warranty are backed by a third-party insurance policy that is underwritten by investment grade insurance companies, ensuring a safe investment for developers, investors and project owners.
About Canadian Solar
Founded in 2001 in Canada, Canadian Solar Inc. (NASDAQ: CSIQ) is one of the world's largest and foremost solar power companies. As a leading vertically integrated provider of solar modules, specialized solar products and solar power plants with operations in North America, South America, Europe, Africa, the Middle East, Australia and Asia, Canadian Solar has delivered more than 5GW of premium quality solar modules to customers in over 70 countries. Canadian Solar is committed to improve the environment and dedicated to provide advanced solar energy products, solutions and services to enable sustainable development around the world. For more information, please visit www.canadiansolar.com.