GUELPH, Ontario, March 14, 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
has secured Power Purchase Agreements for an aggregate 80 MWac of
solar power projects with the Solar Energy Corporation of
India (SECI), a public sector
undertaking of the Government of India. Canadian Solar was awarded these
projects under a 450 MWac solar capacity tender in the state of
Maharashtra, through a competitive auction process. These projects
are scheduled to commence operations by late 2017 and will generate
clean solar electricity for SECI over the next 25 years.
"We are pleased to secure our first 80 MWac of solar power
projects with SECI, a bankable and reputable off-taker operating
under the Government of India.
This investment adds to our India
pipeline that stands at 110 MWac and represents a significant
milestone for Canadian Solar in one of world's fastest growing
renewables markets," commented Dr. Shawn
Qu, Chairman and Chief Executive Officer of Canadian
Solar.
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 18 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.