GUELPH, Ontario, Sept. 27,
2016 /PRNewswire/ -- Canadian Solar Inc. (the "Company", or
"Canadian Solar") (NASDAQ: CSIQ) wholly owned subsidiary and
leading solar project developer Recurrent Energy today announced a
15-year Power Purchase Agreement (PPA) for 100 MWac of solar power
in California with MCE,
California's first operating
Community Choice Aggregation program.
Power from the Recurrent Energy-developed Tranquillity 8 solar
project, located in Fresno County,
California, will supply MCE with 100 MWac of clean solar
electricity, which is sufficient to power 48,300 homes.
Construction of the project is expected to begin in 2017 and the
project will begin providing power to MCE by late 2018.
"We're proud to be working with Recurrent Energy to grow
California's solar industry,
helping to power economic strength, job creation and tackle climate
change by transitioning our communities to clean energy," said
Dawn Weisz, CEO of MCE.
"This contract award further expands our contracted pipeline in
the U.S. and marks the third and largest PPA between Recurrent
Energy and MCE," said Dr. Shawn Qu,
Chairman and Chief Executive Officer of Canadian Solar. "MCE's
continued leadership in procuring renewable energy is to be
commended. We are pleased to have the opportunity to continue
delivering reliable, cost-competitive solar power to MCE and their
customers."
About MCE
MCE is a not-for-profit, community-based electricity provider
that gives customers the choice of having 50% to 100% of their
electricity supplied from clean, renewable sources such as solar,
wind, bioenergy, geothermal and hydroelectricity at competitive
rates. MCE's service area includes Marin
County, Napa County, and
the cities of Benicia,
El Cerrito, Lafayette, San
Pablo, Richmond and
Walnut Creek. By choosing MCE,
customers help support new in‐state and local renewable energy
generation. For more information about MCE, visit
www.mceCleanEnergy.org.
About Recurrent Energy
Recurrent Energy, a U.S. subsidiary of Canadian Solar Inc., is
redefining what it means to be a mainstream clean energy company,
with utility-scale solar plants that provide competitive clean
electricity. The company has more than 4 GW of solar projects in
development in North America.
Additional details are available at:
www.recurrentenergy.com.
About Canadian Solar Inc.
Founded in 2001 in Canada,
Canadian Solar is one of the world's largest and foremost solar
power companies. As a leading manufacturer of solar photovoltaic
modules and provider of solar energy solutions, Canadian Solar also
has a geographically diversified pipeline of utility-scale power
projects in various stages of development. In the past 14 years,
Canadian Solar has successfully delivered over 16 GW of premium
quality modules to over 90 countries around the world. Furthermore,
Canadian Solar is one of the most bankable companies in the solar
industry, having been publicly listed on 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 regarding the Company's
expected future shipment volumes, gross margins, business prospects
and future quarterly or annual results, particularly the management
quotations and the statements in the "Business Outlook" section,
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
and economic conditions and the state of the solar industry;
governmental support for the deployment of solar power; future
available supplies of high-purity silicon; 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 Japan, the U.S., India and China; changes in customer order patterns;
changes in product mix; capacity utilization; level of competition;
pricing pressure and declines in average selling prices; delays in
new product introduction; delays in utility-scale project approval
process; delays in utility-scale project construction; continued
success in technological innovations and delivery of products with
the features customers demand; shortage in supply of materials or
capacity requirements; availability of financing; exchange rate
fluctuations; litigation and other risks as described in the
Company's SEC filings, including its annual report on Form 20-F
filed on April 20, 2016. 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.
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SOURCE Canadian Solar Inc.