Canadian Solar’s famous subsidiary, Recurrent Energy, announced a partnership with Southern Power on November 30, which is going to grant a controlling power in the 157 megawatts solar project in Texas to the Atlanta-based company. Through this, the company has also secured the required finances for the project and has started the construction in West Texas.
Canadian Solar subsidiary is developing the solar photovoltaic project; however, the agreement between the two subsidiaries will give 51% of equity to Southern company in the project while the giant solar company will hold the rest 49% of the ownership, and the shares are going help in constructing the project as quickly as possible.
The Texas-project is expected to provide enough energy to support almost 30,000 houses in the area making it one of the biggest projects in the state. It is anticipated to be fully operational by the end of 2016. This generated solar energy is going to be delivered to Austin Energy through a 20 year long Power Purchase Agreement.
The solar power company’s chief executive and chairman, Shawn Qu, said, “ Cost-competitive, large-scale solar power has enormous potential in Taxes, the Roserock project and Recurrent Energy's solar project pipeline in the state are each important steps forward as Texas approaches the more than 13 GW of solar that have been forecasted across the state. This agreement is a testament to our broader team's ability to deliver bankable solar projects with strong fundamentals.”
The project is occupying land of almost 1300 acres in Pecos County, West Texas, bringing 500 jobs in the area. It is expected to use 700,000 CS6X-P photovoltaic solar modules of the giant company. Apache Corporation initially constructed the layout of the project while McCarthy Building Companies will be the provider of engineering and construction facilities for the 157MW solar project in Texas.
This is the second time Recurrent Energy has collaborated with Southern Power giving it 51% hold of the project. In other news, the organization’s subsidiary made reports of supplying 112 megawatts of its CS6P-265P photovoltaic solar modules to Sunrun next year.
Canadian Solar is making its aim to grow globally, through constructing solar projects rapidly and helping stop global warming and contribute save the environment. Securing finances for solar project has become easier due to growing awareness worldwide of the climate change. To protect the environment globally, firms and companies are switching to renewable sources of energy.
Canadian Solar stock is running at $23.35, going green by 1.39% currently on real-time (December 1).
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