Recurrent Energy is expected to have approximately 1 GW of solar capacity in operation in Spain by the end of the year, further strengthening its presence in the country and contributing to the ongoing energy transition.
KITCHENER, ON, Oct. 15, 2026 /PRNewswire/ -- Recurrent Energy, a subsidiary of Canadian Solar Inc. ("Canadian Solar") (NASDAQ: CSIQ) and a leading global developer, owner, and operator of solar and energy storage assets, has announced the start of commercial operations at the Villameca Project, a major solar portfolio located in the Region of Castilla y León, Spain.
The Villameca Project is a solar photovoltaic (PV) plant with a capacity of 200 MWp and is expected to generate approximately 359,172 MWh of clean electricity annually, enough to power more than 100,000 homes and avoid approximately 57,000 tons of CO2 emissions each year-equivalent to removing more than 12,000 internal combustion vehicles from the road. The project joins the recently inaugurated 426 MWp Rey Solar Project in Andalucía and the 315 MWp Tordesillas Project in Castilla y León, which is expected to be connected later this year. With these three projects, Recurrent Energy's total operational solar capacity in Spain is expected to reach approximately 1 GW by year-end.
Dylan Marx, CEO of Recurrent Energy, said: "The achievement of commercial operation at Villameca marks an important milestone for Recurrent Energy and strengthens our position in Europe. As we continue to grow our renewable energy portfolio, we remain committed to creating lasting value in the communities where we operate. We are particularly proud of this project's impact and the high level of social and biodiversity commitments achieved throughout its development."
During the permitting and construction phases, the project was awarded UNEF's Seal of Excellence, recognizing that the plant was designed and developed in accordance with high sustainability standards. Through Recurrent Energy's Community CaRE program, it supports local development through community facilities, educational improvements, and social initiatives. The project also promotes biodiversity through habitat restoration, native vegetation planting, and measures to protect local wildlife, including nesting structures, bat boxes, and insect hotels.
The Villameca Project is expected to be hybridized with battery energy storage systems, further supporting decarbonization efforts and enhancing grid stability. The company recently announced the grid connection of Montalto La Viola, one of Italy's first solar-plus-storage hybrid projects, further strengthening Recurrent Energy's expertise in developing and delivering hybrid renewable energy projects across Europe.
About Recurrent Energy
Recurrent Energy, a subsidiary of Canadian Solar Inc., is one of the world's largest and most geographically diversified utility-scale solar and energy storage project development, ownership, and operations platforms. With an industry-leading team of in-house energy experts, Recurrent Energy serves as Canadian Solar's global development and power services business. Additional details are available at www.recurrentenergy.com.
About Canadian Solar
Canadian Solar is one of the world's largest solar technology and renewable energy companies. Founded in 2001 and headquartered in Kitchener, Ontario, the Company is a leading manufacturer of solar photovoltaic modules; provider of solar energy and battery energy storage solutions; and developer, owner, and operator of utility-scale solar power and battery energy storage projects. Over the past 25 years, Canadian Solar has successfully delivered nearly 180 GW of premium-quality solar photovoltaic modules to customers across the world. Through its energy storage solutions business e-STORAGE, Canadian Solar has shipped over 23 GWh of battery energy storage solutions to global markets and had a contracted backlog of $3.5 billion as of June 30, 2026. Since entering the project development business in 2010, Canadian Solar has developed, built, and connected approximately 12.4 GWp of solar power projects and 6.4 GWh of battery energy storage projects globally. Its geographically diversified project development pipeline includes approximately 22 GWp of solar and 84 GWh of battery energy storage capacity in various stages of development. Canadian Solar is one of the most bankable companies in the solar and renewable energy industry, having been publicly listed on the NASDAQ since 2006. For additional information about the Company, follow Canadian Solar on LinkedIn or visit www.canadiansolar.com.
Safe Harbor/Forward-Looking Statements
Certain statements in this press release, including those regarding the Company's expected future shipment volumes, revenues, gross margins, and project sales are forward-looking statements that involve a number of risks and uncertainties that could cause actual results to differ materially. These statements are made under the "Safe Harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. In some cases, you can identify forward-looking statements by such terms as "may", "will", "expect", "anticipate", "future", "ongoing", "continue", "intend", "plan", "potential", "prospect", "guidance", "believe", "estimate", "is/are likely to" or similar expressions, the negative of these terms, or other comparable terminology. These forward-looking statements include, among other things, our expectations regarding global electricity demand and the adoption of solar and battery energy storage technologies; our growth strategies, future business performance, and financial condition; our transition to a long-term owner and operator of clean energy assets and expansion of project pipelines; our ability to monetize project portfolios, manage supply chain fluctuations, and respond to economic factors such as inflation and interest rates; our outlook on government incentives, trade measures, regulatory developments, and geopolitical risks; our expectations for project timelines, costs, and returns; competitive dynamics in solar and storage markets; our ability to execute supply chain, manufacturing, and operational initiatives; access to capital, debt obligations, and covenant compliance; relationships with key suppliers and customers; technological advancement and product quality; and risks related to intellectual property, litigation, and compliance with environmental and sustainability regulations. Other risks were described in the Company's filings with the Securities and Exchange Commission, including its annual report on Form 20-F filed on April 10, 2026. Although the Company believes that the expectations reflected in the forward-looking statements are reasonable, it cannot guarantee future results, level of activity, performance, or achievements. Investors should not place undue reliance on these forward-looking statements. All information provided in this press release is as of today's date, unless otherwise stated, and Canadian Solar undertakes no duty to update such information, except as required under applicable law.
Canadian Solar Inc. Investor Relations Contact
Wina Huang
Investor Relations
Canadian Solar Inc.
[email protected]
Recurrent Energy Media Inquiries
Inés Arrimadas
Recurrent Energy
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SOURCE Canadian Solar Inc.
