Recurrent Energy, a Canadian Solar subsidiary, has signed a 10-year Power Purchase Agreement (PPA) with a major U.S. technology company for renewable energy from the Tordesillas solar PV project in Spain. The project, located in Valladolid, has an installed capacity of 300 MWp and is expected to be operational by 2026.
The project will generate approximately 620 GWh per year, powering 188,000 households and avoiding 161,000 tons of CO2 equivalent annually. Recurrent Energy plans to own and operate the facility upon completion. The company currently maintains a development pipeline in Spain exceeding 2 GW of solar projects and 60 MWh of battery energy storage.
This 300 MW PPA with a major tech company represents a significant win for Canadian Solar’s subsidiary Recurrent Energy, particularly in the growing European renewable energy market. The 10-year agreement provides stable, long-term revenue visibility and strengthens CSIQ’s position in Spain, where they already have a robust 2 GW development pipeline. Spain’s favorable renewable energy policies and high solar irradiance make it an attractive market for solar development. The project’s scale and the counterparty’s creditworthiness as a major U.S. tech company reduce revenue risk. While specific financial terms weren’t disclosed, corporate PPAs typically provide predictable cash flows that support project financing and long-term profitability. This deal advances CSIQ’s strategy to expand its global IPP business, which generates higher margins compared to module sales.
Canadian Solar is one of the world’s largest solar technology and renewable energy companies. Founded in 2001 and headquartered in Kitchener, Ontario, the Company is a leading manufacturer of solar photovoltaic modules; provider of solar energy and battery energy storage solutions; and developer, owner, and operator of utility-scale solar power and battery energy storage projects. Over the past 23 years, Canadian Solar has successfully delivered around 142 GW of premium-quality, solar photovoltaic modules to customers across the world. Through its subsidiary e-STORAGE, Canadian Solar has shipped around 9 GWh of battery energy storage solutions to global markets as of September 30, 2024, boasting a US$3.2 billion contracted backlog as of November 30, 2024. Since entering the project development business in 2010, Canadian Solar has developed, built, and connected approximately 11 GWp of solar power projects and 3.7 GWh of battery energy storage projects globally. Its geographically diversified project development pipeline includes 26 GWp of solar and 66 GWh of battery energy storage capacity in various stages of development. Canadian Solar is one of the most bankable companies in the solar and renewable energy industry, having been publicly listed on the NASDAQ since 2006.
