GUELPH, Ontario, Jan. 18, 2017 /PRNewswire/ -- Canadian Solar Inc.
(the "Company", or "Canadian Solar") (NASDAQ: CSIQ), one of the
world's largest solar power companies, today announced that it
started the commercial operation of two solar photovoltaic (PV)
power plants, totaling 12.7 MWp in Japan. The two plants include the 10.2 MWp
Aomori Solar Power Plant in Rokunohe Town, Aomori Prefecture and
the 2.5 MWp Saitama Minano Power Plant in Minano Town, Saitama Prefecture.
"We are pleased to announce the successful grid connection of
two additional solar power plants in Japan, which brings our total portfolio of
operating plants in Japan to
58.51MWp," commented Dr. Shawn Qu,
Chairman and Chief Executive Officer of Canadian Solar Inc., "This
represents another milestone for our energy business strategy, and
we look forward to continuing to deliver additional solar projects
as we build out our portfolio of high value operating solar energy
plants in Japan."
The 10.2 MWp Aomori Solar Power Plant, powered by 39,248
Canadian Solar CS6P-P modules, achieved commercial operation on
December 27, 2016. Each year, the
plant generates around 11,695 MWh electricity, which will be
purchased by Tohoku Electric Power Co., Inc. under a 20 year
feed-in-tariff contract at the rate of 36.00 yen (USD0.31) per kWh.
The 2.5 MWp Saitama Minano Power Plant used 9,240 Canadian Solar
CS6P-P modules and reached commercial operation on December 22, 2016. The electricity generated from
the plant, approximately 2,978 MWh annually, will be purchased by
Tokyo Electric Power Co., Inc. under a 20 year feed-in-tariff
contract at the rate of 32.00 yen (USD0.27) per kWh.
About Canadian Solar
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 in Japan; delays in
utility-scale project construction in Japan; 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.