GUELPH, Ontario, Jan. 3, 2017 /PRNewswire/ -- Canadian Solar Inc.
(the "Company", or "Canadian Solar") (NASDAQ: CSIQ), one of the
world's largest solar power companies, today announced that its
wholly-owned subsidiary, CSI New Energy Holding Co., Ltd. has
completed the sale of 2 solar power plants in Jiangsu Province, China to Shenzhen Energy Nanjing Holding Co.,
Ltd., a subsidiary of Shenzhen Energy Group Co., Ltd., for
approximately RMB223.48 million
(US$32.2 million). The
transaction was closed on December 30,
2016 and the Company expects to recognize the difference between the sales proceeds
and the book value of the projects under 'Other income
(expenses)' in the income statement for the fourth
quarter of 2016.
Dr. Shawn Qu, Chairman and Chief
Executive Officer of Canadian Solar, commented, "We are delighted
to have closed the sale of two more solar power plants in
China. This is another important
milestone, as we continue to monetize our quality solar project
assets in China and other
countries. We look forward to deepening our strategic partnership
with Shenzhen Energy for more opportunities in the future."
About Shenzhen Energy Nanjing Holding Co., Ltd.
Shenzhen Energy Nanjing Holding Co., Ltd. invests, constructs,
and operates new energy and conventional energy projects. It
operates as a subsidiary of Shenzhen Energy Group Co., Ltd., a
listed and state-owned company in China.
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 16 years,
Canadian Solar has successfully delivered over 17 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 results, 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; cancelation
of utility-scale feed-in-tariff contracts in Japan; 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.