Canadian Solar (CSIQ) Unit Enters 15-Year PPA with MCE

September 27, 2016 8:03 AM EDT

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Canadian Solar Inc. (Nasdaq: CSIQ) wholly owned subsidiary and leading solar project developer Recurrent Energy today announced a 15-year Power Purchase Agreement (PPA) for 100 MWac of solar power in California with MCE, California's first operating Community Choice Aggregation program.

Power from the Recurrent Energy-developed Tranquillity 8 solar project, located in Fresno County, California, will supply MCE with 100 MWac of clean solar electricity, which is sufficient to power 48,300 homes. Construction of the project is expected to begin in 2017 and the project will begin providing power to MCE by late 2018.

"We're proud to be working with Recurrent Energy to grow California's solar industry, helping to power economic strength, job creation and tackle climate change by transitioning our communities to clean energy," said Dawn Weisz, CEO of MCE.

"This contract award further expands our contracted pipeline in the U.S. and marks the third and largest PPA between Recurrent Energy and MCE," said Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar. "MCE's continued leadership in procuring renewable energy is to be commended. We are pleased to have the opportunity to continue delivering reliable, cost-competitive solar power to MCE and their customers."

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