Recurrent Energy LLC ("Recurrent Energy"), a wholly-owned subsidiary of Canadian Solar Inc. ("Canadian Solar") (NASDAQ: CSIQ), announced it has signed a 20-year power purchase agreement ("PPA") for 45 megawatts ("MWac") of solar power with Bay Area Rapid Transit ("BART"), the fifth largest public transit network in the country and one of the largest consumers of electric power in Northern California. The BART Board of Directors approved the PPA on December 7, 2017.
This contract, BART's first-ever PPA for utility-scale solar power, resulted from a renewable energy procurement process that BART launched in May 2017 as part of the organization's Wholesale Electricity Portfolio Policy ("Policy"). The Policy requires 100 percent of BART's power to come from renewable resources by 2045 while maintaining low and stable BART operating costs.
"Utility-scale solar power is a vital part of cost-effectively meeting our sustainability commitments," said BART Sustainability Director Holly Gordon. "It is very important to us to work with an experienced development partner like Recurrent Energy who will help us achieve our goals."
Power will be supplied to BART from Recurrent Energy's 45 MWac Gaskell West 2 solar photovoltaic project located in southern California. The project is scheduled to reach commercial operation in 2020.
"Solar power is a perfect match for BART's commitment to using cost-effective and clean energy," said Dr. Shawn Qu, chairman and chief executive officer of Canadian Solar. "We are proud to support BART's progress towards 100 percent renewable energy while also diversifying Recurrent Energy's customer base."
BART is the first U.S. metro-rail entity to sign a utility-scale solar PPA this year.
Recurrent Energy | http://www.recurrentenergy.com
Canadian Solar | http://www.canadiansolar.com