Recurrent Energy was previously the company’s North American developer, whereas it will now encompass its Global Energy segment.
Canadian Solar Inc. has rebranded its wholly owned global energy subsidiary as Recurrent Energy. The company’s global energy segment carries out global activities for solar and battery storage project development, which includes sourcing land, interconnection agreements, structuring power purchase agreements and other permits and requirements. Now dubbed Recurrent Energy, this segment develops both stand-alone solar and stand-alone battery storage projects, as well as hybrid solar-plus-storage projects.
Canadian Solar reports that Recurrent Energy has built nearly 9 GW of solar and 3 GWh of battery storage across six continents, and that it has a total pipeline of 25 GW in solar and 47 GWh in battery storage, of which 14 GW and 12 GWh respectively had interconnections as of January 31, 2023. In addition, Recurrent Energy’s services business had 6 GW of projects under operations and maintenance contracts, either operational or contracted projects.
In addition to the Global Energy side, Canadian Solar’s CSI segment encompasses solar module manufacturing and total system solutions, including inverters, solar system kits and engineering, procurement, and construction (EPC) services. The CSI Solar segment also includes the company’s battery storage system integration business, which delivers battery storage solutions for utility-scale, commercial and industrial, and residential applications.
“Recurrent Energy has a strong brand and track record in clean energy project development and execution, having brought online some of the world’s first and largest solar, solar plus storage and standalone energy storage projects,” said Dr. Shawn Qu, chairman and CEO of Canadian Solar. “As Canadian Solar continues to make a difference by supporting the global transition towards a more reliable, lower-carbon grid, we are pleased to streamline our development and operations and maintenance services under the Recurrent Energy umbrella. Recurrent Energy is now unified in its global mission and growth.”
In other company news, Canadian Solar awaits completion of the China Securities Regulatory Commission registration for the carve-out IPO of its manufacturing business, CSI Solar Co. Ltd. The company anticipates CSI Solar becoming a separately listed public company from Canadian Solar in Q1 23.
