Canadian Solar Inc. ("Canadian Solar") (NASDAQ: CSIQ), today announced its wholly-owned subsidiary, Recurrent Energy, LLC ("Recurrent Energy"), has received unanimous approval from the Mississippi Public Service Commission on the build-transfer agreement ("BTA") with Entergy Mississippi.
The BTA has a base purchase price of approximately $138.4 million with Entergy Mississippi on the 100 megawatt ("MWac") Sunflower solar photovoltaic project. With the signing of this BTA, one of the first signed in the U.S., Entergy will own the largest solar power plant in the state of Mississippi.
"We would like to thank the Commission for its approval of this build-and-transfer agreement that will allow us to move ahead with the Sunflower project," said Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar. "This agreement with Entergy is another milestone that underscores Recurrent Energy's leadership position in the U.S. solar development space. We are proud to do our part to expand the use of clean renewable energy from the sun in Mississippi, and to advance the goal of building an environmentally-friendly, low-carbon future."
Recurrent Energy will develop the 100 MWac Sunflower solar project, located on approximately 1,000 acres of land in Sunflower County, Mississippi. The project will use high-efficiency modules from Canadian Solar and single-axis trackers. Construction of the solar plant is expected to create approximately 360 jobs and the plant will begin commercial operation by mid-2022. Once operational, Entergy Mississippi will own the Sunflower project, allowing the regulated utility to power more than 16,000 homes with clean electricity.
"Once the Sunflower Solar Facility is complete, we'll be able to offer renewable energy as part of our customers' energy mix," said Haley Fisackerly, Entergy Mississippi President and Chief Executive Officer. "This facility represents one more way we are building the utility of the future."