Canadian Solar announced the rebranding of its wholly-owned Global Energy subsidiary as Recurrent Energy. This subsidiary was previously dedicated to developing North American utility-scale solar and energy storage projects for Canadian Solar. From now on, Recurrent Energy will encompass all of Canadian Solar's global development and services businesses.
This recent business adjustment is expected to reinforce Recurrent Energy's position in the market as one of the largest and most geographically diversified utility-scale solar and energy storage project development platforms in the world.
So far, Recurrent Energy has originated, developed, financed and built nearly 9 GWp of solar power plants and 3 GWh of battery storage projects across six continents. Additionally, this subsidiary owns a total pipeline of 25 GWp in solar and 47 GWh in battery storage. As of January 31, 14 GW of solar and 12 GWh of battery storage were already interconnected. While in terms of services business, Recurrent Energy has 6 GW of projects under operations and maintenance contracts.
"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.
Founded in 2001, Canadian Solar has grown to be a renowned, Tier-1 solar modules manufacturer and has delivered around 88 GW of modules to customers worldwide. Since entering the project development business in 2010, the company has developed, built and connected around 8.8 GWp of solar projects in over 20 countries.
"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," added Dr. Qu.