Canadian Solar signs PPAs with Anheuser-Busch and Energy Transfer
Post date: 04/06/2019 - 17:20
Recurrent Energy, LLC, wholly owned subsidiary of Canadian Solar Inc., has signed a 15-year power purchase agreement (PPA) with Anheuser-Busch for 310 MW of electricity from its »Maplewood« solar project. This contract is the seventh largest commercial and industrial power purchase agreement for solar energy signed in the entire world to date, according to data supplied by Bloomberg New Energy Finance. The PPA also represents the U.S. beverage industry's largest single purchase of solar energy. The »Maplewood« solar project is located in Pecos County in the Permian Basin of West Texas and will enter operation by 2021.
Furthermore, the company signed a PPA with Dallas-based Fortune 100 oil and gas pipeline company, Energy Transfer. This PPA represents Energy Transfer's first-ever dedicated solar contract. »Corporations are increasingly purchasing solar energy for a variety of reasons,« said Shawn Qu, chairman at Canadian Solar, »cost is always a key consideration.« Solar PPAs »often help corporations lock in low-cost electricity prices to power their operations.« The 40 MW power contract signed with Energy Transfer for solar energy from the »Maplewood 2« project has a duration of 15 years as well. Location of the PV plant is Pecos County in the Permian Basin of West Texas. In total, the »Maplewood« and »Maplewood 2« projects will power 62,000 homes with clean electricity once operational by 2021.
Recurrent Energy is in the early stages of seeking potential equity partners on the Maplewood project portfolio.