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Recurrent Energy Announces Closing of $500 Million Investment from BlackRock

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NEW YORK and GUELPH, Ontario, Oct. 3, 2024 /PRNewswire/ — Recurrent Energy, a subsidiary of Canadian Solar Inc. (“Canadian Solar”) (NASDAQ: CSIQ) and a global developer, owner, and operator of solar and energy storage assets, announced today the final closing of a $500 million investment in Recurrent Energy by BlackRock through a fund managed by its Climate Infrastructure business (“BlackRock”).

The transaction, announced in January 2024, has been completed following the receipt of the second and final payment. The first payment took place in June 2024. As agreed between the parties, BlackRock’s total investment has reached $500 million, representing 20% of the outstanding fully diluted shares of Recurrent Energy on an as-converted basis. Canadian Solar will continue to own the remaining majority shares of Recurrent Energy.

This milestone enables Recurrent Energy to advance investment in its high value project development portfolio, supporting its strategic transition from a pure developer to a developer plus long-term owner and operator in select markets including the U.S. and Europe. This transition will allow Recurrent Energy to generate more stable long-term revenue in low-risk currencies and capture greater value from its diversified global project development pipeline.

Recurrent Energy is one of the world’s largest clean energy project development platforms with a strong and established track record, having developed, built, and connected over 11 gigawatts (GWp) of operating utility-scale solar projects and 3.7 gigawatt hours (GWh) of energy storage projects across six continents since 2009.

Ismael Guerrero, CEO of Recurrent Energy, said, “We value our partnership with BlackRock and appreciate their commitment. This strategic partnership positions Recurrent Energy at the forefront of the renewable energy industry, providing the financial strength necessary to continue developing key solar and energy storage projects globally, while also supporting our mission to deliver clean, reliable, and affordable power to the world, today and tomorrow.” 

David Giordano, Global Head of Climate Infrastructure, BlackRock, added, “With this investment from BlackRock’s Climate Infrastructure Global Renewable Power Fund IV, Recurrent Energy is well-positioned to accelerate the growth of its solar and battery storage projects at utility scale in critical, fast-growing markets. We are eager to collaborate, contributing our expertise to shape a top global independent power producer.”

For more information, please refer to Form 6-K filed with the Securities and Exchange Commission on January 23, 2024 regarding this investment in connection with the initial transaction announcement.

About Recurrent Energy:
Recurrent Energy 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 is a wholly owned subsidiary of Canadian Solar Inc. and function as Canadian Solar’s global development and power services business. Recurrent Energy has completed the development of 11 gigawatts (GWp) of operating utility-scale solar projects and 3.7 gigawatt hours (GWh) of energy storage projects across six continents. Recurrent Energy has more than 26 GWp of solar and 56 GWh of battery storage projects under development.

About Canadian Solar:
Canadian Solar was founded in 2001 in Canada and is one of the world’s largest solar technology and renewable energy companies. It is a leading manufacturer of solar photovoltaic modules, provider of solar energy and battery energy storage solutions, and developer of utility-scale solar power and battery energy storage projects with a geographically diversified pipeline in various stages of development. Over the past 23 years, Canadian Solar has successfully delivered over 133 GW of premium-quality, solar photovoltaic modules to customers across the world. Likewise, since entering the project development business in 2010, Canadian Solar has developed, built, and connected approximately 11 GWp of solar power projects and 3.7 GWh of battery energy storage projects across the world. Currently, the Company has approximately 1.6 GWp of solar power projects in operation, 6.5 GWp of projects under construction or in backlog (late-stage), and an additional 20.9 GWp of projects in advanced and early-stage pipeline. In addition, the Company has 1 GWh of battery energy storage projects in operation and a total battery energy storage project development pipeline of around 63 GWh, including approximately 8.5 GWh under construction or in backlog, and an additional 54.3 GWh at advanced and early-stage 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 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 “believes,” “expects,” “anticipates,” “intends,” “estimates,” the negative of these terms, or other comparable terminology. Factors that could cause actual results to differ include general business, regulatory and economic conditions and the state of the solar power and battery energy storage market and industry; geopolitical tensions and conflicts, including impasses, sanctions and export controls; volatility, uncertainty, delays and disruptions related to global pandemics; supply chain disruptions; governmental support for the deployment of solar power and battery energy storage; future available supplies of silicon, solar wafers and lithium cells; demand for end-use products by consumers and inventory levels of such products in the supply chain; changes in demand from significant customers; changes in demand from major markets such as China, the U.S., Europe, Brazil and Japan; changes in effective tax rates; changes in customer order patterns; changes in product mix; changes in corporate responsibility, especially environmental, social and governance (“ESG”) requirements; capacity utilization; level of competition; pricing pressure and declines in or failure to timely adjust average selling prices; delays in new product introduction; delays in utility-scale project approval process; delays in utility-scale project construction; delays in the completion of project sales; the pipeline of projects and timelines related to them; the ability of the parties to optimize value of that pipeline; continued success in technological innovations and delivery of products with the features that customers demand; shortage in supply of materials or capacity requirements; availability of financing; exchange and inflation rate fluctuations; litigation and other risks as described in the Company’s filings with the Securities and Exchange Commission, including its annual report on Form 20-F filed on April 26, 2024. 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 Contacts 
Wina Huang
Investor Relations
Canadian Solar Inc.
investor@canadiansolar.com

Recurrent Energy Media Contact
Inés Arrimadas
Recurrent Energy
comms@recurrentenergy.com

BlackRock
Christopher Beattie
646-231-8518
christopher.beattie@blackrock.com

View original content:https://www.prnewswire.com/news-releases/recurrent-energy-announces-closing-of-500-million-investment-from-blackrock-302266595.html

SOURCE Canadian Solar Inc.

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Sony Semiconductor Solutions to Release the Industry’s First CMOS Image Sensor for Automotive Cameras That Can Simultaneously Process and Output RAW and YUV Images

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Contributing to Simplified Systems by Expanding Single-Camera Applications

ATSUGI, Japan, Oct. 3, 2024 /PRNewswire/ — Sony Semiconductor Solutions Corporation (SSS) today announced the upcoming release of the ISX038 CMOS image sensor for automotive cameras, the industry’s first*1 product that can simultaneously process and output RAW*2 and YUV*3 images.

The new sensor product has proprietary ISP*4 inside and can process and output RAW and YUV images simultaneously. RAW images are required for external environment detection and recognition in advanced driver-assistance systems (ADAS) and autonomous driving systems (AD), while the YUV images are provided for infotainment applications such as the drive recorder and augmented reality (AR).

By expanding the applications a single camera can offer, the new product helps simplify automotive camera systems and saves space, cost, and power.

*1   Among CMOS sensors for automotive cameras. According to SSS research (as of announcement on October 4, 2024).
*2   Image for recognition on a computer.
*3   Image for driver visual such as recording or displaying on a monitor.
*4   Image signal processor – a circuit for image processing.

Model name

Sample
shipment date
(planned)

Sample price
(including tax)

ISX038 1/1.7-type (9.30 mm diagonal)
8.39- effective-megapixel*5
CMOS image sensor

October 2024

¥15,000*6

*5   Based on the image sensor effective pixel specification method.
*6   May vary depending on the volume shipped and other conditions.

The roles of automotive cameras continue to diversify in line with advances in ADAS and AD and increasing needs and requirements pertaining to the driver experience. On the other hand, there is limited space for installing such cameras, making it impossible to continue adding more indefinitely, which in turn has created a demand to do more with a single camera.

The ISX038 is the industry’s first*1 CMOS image sensor for automotive cameras that can simultaneously process and output RAW and YUV images. It uses a stacked structure consisting of a pixel chip and a logic chip with signal processing circuit, with the SSS’ proprietary ISP on the logic chip. This design allows a single camera to provide high-precision detection and recognition capabilities of the environment outside the vehicle and visual information to assist the driver as infotainment applications. When compared with conventional methods such as a multi-camera system or a system that outputs RAW and YUV images using an external ISP, the new product helps simplify automotive camera systems, saving space, costs, and power. 

ISX038 will offer compatibility with the EyeQ™6 System-on-a-Chip (SoC) currently offered by Mobileye, for use in ADAS and AD technology.

Main Features

Industry’s first*1 sensor capable of processing and outputting RAW and YUV images simultaneously
The new sensor is equipped with dedicated ISPs for RAW and YUV images and is capable of outputting two types of images simultaneously with image quality optimized for each application on two independent interfaces. Expanding the applications a single camera can offer helps build systems that save space, costs, and power compared to multi-camera systems or systems with an external ISP.

Wide dynamic range even during simultaneous use of HDR and LED flicker mitigation
In automobile driving, objects must be precisely detected and recognized even in road environments with significant differences in brightness, such as tunnel entrances and exits. Automotive cameras are also required to suppress LED flicker, even while in HDR mode, to deal with the increasing prevalence of LED signals and other traffic devices. The proprietary pixel structure and unique exposure method of this product improves saturation illuminance, yielding a wide dynamic range of 106 dB even when simultaneously employing HDR and LED flicker mitigation (when using dynamic range priority mode, the range is even wider, at 130 dB). This design also helps reduce motion artifacts*7 generated when capturing moving subjects.

*7   Noise generated when capturing moving subjects with HDR.

Compatibility with conventional products*8
This product shares the same compatibility with SSS’ conventional products,*8 which have already built a proven track record for ADAS and AD applications with multiple automobile manufacturers. The new product makes it possible to reuse data assets collected on previous products such as driving data from automotive cameras. This helps streamline ADAS and AD development for automobile manufacturers and partners.

*8 SSS’ IMX728 1/1.7 type 8.39 effective megapixel CMOS image sensor.

Compliant with standards required for automotive applications
The product is qualified for AEC-Q100 Grade 2 automotive electronic component reliability tests by mass production. Also, SSS has introduced a development process compliant with the ISO 26262 road vehicle functional safety standard, at automotive safety integrity level ASIL-B(D). This contributes to improve automotive camera system reliability.

Key Specifications

Model name

ISX038

Effective pixels

3,857×2,177(H×V), approx. 8.39 megapixels

Image size

Diagonal 9.30mm (1/1.72-type)

Unit cell size

2.1μm×2.1μm (H×V)

Frame rate (all pixels)

30fps (RAW&YUV dual output)

Sensitivity (standard value F5.6, 1/30 second
cumulative)

880mV (Green Pixel)

Dynamic range (EMVA 1288 standard)

106 dB (with LED flicker mitigation)

130 dB (dynamic range priority)

Interface

MIPI CSI-2 serial output (Single port with 4-
lanes / Dual port with 2-lanes per port)

Package

192pin BGA

Package size

11.85mm×8.60mm (H×V)

 

View original content to download multimedia:https://www.prnewswire.com/news-releases/sony-semiconductor-solutions-to-release-the-industrys-first-cmos-image-sensor-for-automotive-cameras-that-can-simultaneously-process-and-output-raw-and-yuv-images-302264904.html

SOURCE Sony Semiconductor Solutions Corporation

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transcosmos wins two awards at The Best Contact Center Indonesia 2024

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Wins Platinum for Contact Center Operations category and Silver in Employee Engagement category

TOKYO, Oct. 3, 2024 /PRNewswire-PRWeb/ — transcosmos is proud to announce that on September 17, 2024, the company won two prestigious awards at The Best Contact Center Indonesia 2024 (TBCCI), organized by the Indonesia Contact Center Association (ICCA). transcosmos won the platinum award for the Contact Center Operations category and the silver award in the Employee Engagement category. At its annual event, TBCCI, ICCA recognizes companies for their dedication to delivering exceptional customer service and innovation in the contact center industry.

Ardi Sudarto, Vice President Director of transcosmos Indonesia, said, “Both awards reflect our dedication to always delivering the best, both for our employees and clients. We hope this achievement serves as motivation for the entire team to continue innovating and improving service quality.”

TBCCI is an annual competition designed to recognize companies and individuals who demonstrate excellence in customer service. This year, 68 companies participated in the competition, including state-owned enterprises and ministries, with a total of 1,114 participants.

In the Contact Center Operations category, transcosmos presented a case study on the implementation of AI and automation solutions. With the solution, transcosmos has successfully reduced traffic to agents by up to 41.5%, thereby improving supervisor’s efficiency by 22.6%, and lowering operational costs by 30%. It also positively impacted the customer experience, decreasing detractor scores in the speed of service category of NPS by more than 5%.

In the Employee Engagement category, transcosmos showcased its strategic approach to fostering a company culture focused on employee development. Its unique training programs as well as initiatives to enhance employee engagement and internal communication were key elements recognized by the judges. Through these initiatives, transcosmos has successfully created a work environment that supports employee well-being and productivity.

Andi Anugrah, Chairman of the Indonesia Contact Center Association, said, “transcosmos was awarded platinum in the Contact Center Operations category because the company successfully combined operational excellence with the implementation of cutting-edge, relevant technology that has significantly impacted operations processes. In the Employee Engagement category, transcosmos demonstrated that the company is capable of creating a work environment that actively engages employees and ensures that employees feel valued in achieving the company’s goals.”

Ardi Sudarto, Vice President Director of transcosmos Indonesia, said, “These two awards reinforce transcosmos’s commitment to two key pillars, people & technology. transcosmos’s focus on sustainable employee development and continuous efforts to improve service quality through technological advancement have been the key factors in securing these awards. Both awards reflect our dedication to always delivering the best, both for our employees and clients. We hope this achievement serves as motivation for the entire team to continue innovating and improving service quality.”

transcosmos entered the Indonesian market in 2013. Since then, the company has been operating within the realms of digital business services and customer experience. With over 4,300 employees spread across three locations in IndonesiaJakarta, Semarang, and Yogyakarta. transcosmos has garnered trust from a diverse clientele spanning multiple industries such as e-commerce, retail, telecommunications, banking, and insurance. transcosmos offers a wide range of services including contact center support, digital marketing, e-commerce assistance, data entry, IT support, and more, making it a reliable partner for businesses seeking comprehensive solutions.

transcosmos is a trademark or registered trademark of transcosmos inc. in Japan and other countries.Other company names and product or service names used here are trademarks or registered trademarks of respective companies.

About transcosmos inc.
transcosmos launched its operations in 1966. Since then, we have combined superior “people” with up-to-date “technology” to enhance the competitive strength of our clients by providing them with superior and valuable services. transcosmos currently offers services that support clients’ business processes focusing on both sales expansion and cost optimization through our 182 bases across 35 countries/regions with a focus on Asia, while continuously pursuing Operational Excellence. Furthermore, following the expansion of e-commerce market on the global scale, transcosmos provides a comprehensive One-Stop Global E-Commerce Services to deliver our clients’ excellent products and services to consumers in 46 countries/regions around the globe. transcosmos aims to be the “Global Digital Transformation Partner” of our clients, supporting the clients’ transformation by leveraging digital technology, responding to the ever-changing business environment.Visit us here https://www.trans-cosmos.co.jp/english/

Media Contact

transcosmos inc., transcosmos inc., +81-3-6709-2251, pressroom@trans-cosmos.co.jp, https://www.trans-cosmos.co.jp/english/

View original content to download multimedia:https://www.prweb.com/releases/transcosmos-wins-two-awards-at-the-best-contact-center-indonesia-2024-302266582.html

SOURCE transcosmos inc.

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Government of Canada Passes Legislation to Seize the Enormous Economic Opportunity Offshore Wind Presents for Nova Scotia and Newfoundland and Labrador

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OTTAWA, ON, Oct. 3, 2024 /CNW/ – The offshore renewable energy sector presents a generational economic opportunity for Canada, with the global offshore wind market alone forecast to attract one trillion dollars in investment by 2040. Canada, in partnership with Nova Scotia and Newfoundland and Labrador, is working to seize this unprecedented economic opportunity and create jobs for Atlantic Canadians.

Today, Bill C-49: An Act to amend the CanadaNewfoundland and Labrador Atlantic Accord Implementation Act and the Canada-Nova Scotia Offshore Petroleum Resources Accord Implementation Act, received Royal Assent. Developed in partnership with the Government of Nova Scotia and the Government of Newfoundland and Labrador, this legislation will help unlock the enormous potential of offshore renewable energy, to generate thousands of jobs while attracting billions in investment and creating new economic opportunities in Nova Scotia and Newfoundland and Labrador.

By harnessing the world-class wind resources in the Atlantic offshore, we are positioning Canada as the leading supplier of clean energy, including the clean hydrogen countries like Germany are looking to buy, while continuing to decarbonize our electricity grids here at home. This legislation advances the priorities identified through the Regional Energy and Resource Tables in Nova Scotia and Newfoundland and Labrador, including seizing the opportunity clean energy presents.

The Government of Canada is working with the Governments of Nova Scotia and Newfoundland and Labrador to develop offshore renewable energy resources, enabling the provinces to capitalize on their existing strengths and accelerate offshore wind development safely and responsibly. Nova Scotia has already adopted mirror legislation, with Newfoundland and Labrador expected to do the same in the coming weeks.

Canadian workers and businesses are well positioned to seize the enormous economic opportunity clean energy presents, in Atlantic Canada and beyond. Today’s legislation underscores Canada’s commitment to deliver prosperity, create new clean energy opportunities, strengthen the economy, create thousands of jobs and better protect Canada’s environment.

Quotes

“Bill C-49 enables Atlantic Canada to seize the generational economic opportunity presented by offshore renewable energy. It will strengthen the economy, enable the creation of thousands of jobs and attract billions in investments in Nova Scotia and Newfoundland and Labrador. These opportunities would not have been possible without the close collaboration of the Premiers of Newfoundland and Labrador and Nova Scotia, Andrew Furey and Tim Houston, and Atlantic Canada’s Members of Parliament, who fought and delivered for the people of Nova Scotia and Newfoundland and Labrador.”

The Honourable Jonathan Wilkinson
Minister of Energy and Natural Resources

“Bill C-49 is important to Nova Scotia meeting its offshore wind targets. Investors are lining up to harness our wind power and produce clean energy for green hydrogen and other uses. Now that this bill has passed, along with our own provincial mirror legislation, we are well on our way to developing our offshore wind industry hand in hand with our federal partners, starting with issuing our first call for bids next year.”

The Honourable Tory Rushton
Minister of Natural Resources and Renewables, Government of Nova Scotia

“Bill C-49 ensures the necessary measures are in place to support offshore renewable energy opportunities; allows for a fiscal regime that provides the maximum economic returns to Newfoundland and Labrador; and furthers joint management of the offshore area while building upon the extensive expertise the C-NLOPB has in managing offshore projects.”

The Honourable Andrew Parsons, KC
Minister of Industry, Energy and Technology, Government of Newfoundland and Labrador

“I was honoured to sponsor a bill of such significant economic and environmental importance to my province. I look forward to seeing the positive impacts of Bill C-49, as this historic bill presents a generational opportunity for Newfoundland and Labrador, Nova Scotia and Canada as a whole.”

The Honourable Iris G. Petten, Senator for Newfoundland and Labrador,
Senate of Canada

Quick Facts

This legislation establishes a joint management regulatory framework for offshore renewable energy development

Bill-49 includes amendments to the Accord Acts that:establish the framework to develop offshore renewable energy;change the Canada-Nova Scotia Offshore Petroleum Board’s name to the Canada-Nova Scotia Offshore Energy Regulator (CNSOER);change the CanadaNewfoundland and Labrador Offshore Petroleum Board’s name to the CanadaNewfoundland and Labrador Offshore Energy Regulator (C-NLOER);expand the mandates of the CNSOER and the C-NLOER to include the regulation of offshore renewable energy projects;improve alignment between the Accord Acts and the Impact Assessment Act (IAA);provide tools to support the Government of Canada’s marine conservation agenda; andmodernize the land tenure regime for offshore petroleum development.

Related Information

Building Offshore Renewables in Newfoundland and Labrador and Nova ScotiaGovernments of Canada and Newfoundland and Labrador launch regional assessment to support future decisions on offshore wind projects in the provinceGovernments of Canada and Nova Scotia launch regional assessment to support future decisions on offshore wind projects in the provinceThe Offshore Renewable Energy Regulations InitiativeCanada Offshore Renewable Energy Regulations

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SOURCE Natural Resources Canada

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