GUELPH, Ontario, Jan. 5, 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, Canadian Solar Solutions Inc., completed
the sale of its 10 MW AC BeamLight LP ("BeamLight") and its 10 MW
AC Alfred solar power plants to 9285806 Canada Inc. and Concord
BeamLight GP2 Ltd., affiliates of Concord Green Energy Inc.
("Concord") for over CAD152.5 Million (USD115
Million). The transaction was closed on December 29, 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. BowMont Capital and
Advisory acted as financial advisor to Concord on this transaction.
The BeamLight plant is located in Georgina, Ontario and uses approximately 46,224 Canadian
Solar MaxPower CS6X-P PV modules. The Alfred plant is located in Alfred, Ontario and uses about 46,656 Canadian
Solar MaxPower CS6X–P PV modules.
These solar systems will generate significant environmental
benefits. The amount of clean solar energy that the plants will
collectively generate is estimated at 35,941 MWh per year and
665,130 MWh over 20 years. The amount of carbon dioxide that will
be displaced during the systems' 20 year lifetimes is approximately
467,437 metric tons, equivalent to taking around 98,738 cars off of
the road for one year.
"Dr. Shawn Qu, Chairman and Chief
Executive Officer of Canadian Solar, commented: "We are very
pleased to announce the successful sale of two operating solar
power plants in Canada. This deal demonstrates that we are
well on track to monetize our quality solar power plant assets to
recycle our capital and strengthen our balance sheet. This is
another successful cooperation between Canadian Solar and Concord
Green Energy after a previous transaction of 5 solar power plants
in Canada. We value our strategic
partnership with Concord Green Energy and look forward to
continuing our successful cooperation."
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.
About Concord Pacific and Concord Green Energy Inc.
Concord Pacific created Concord Green Energy to explore and
support a variety of zero carbon energy producing projects of
scale. Planning for infrastructure needs and requirements of
Canadians has always been a cornerstone to Canada's first urban master-planned community
builder, Concord Pacific. Energy considerations and solutions will
be significant to success to sustainable communities of the future.
Concord Green Energy has projects of scale at various stages of
planning, development, and operation across Canada., visit www.concordpacific.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.