GUELPH, Ontario, May 2, 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 AUD65 million (US$50 million)
of non-recourse project financing with a 5-year term for two of its
solar farm power projects in Australia with the Bank of Tokyo-Mitsubishi
UFJ, Ltd. ("MUFG") and Clean Energy Finance Corporation
("CEFC").
The 17MW Longreach project and larger 30MW Oakey project in
Queensland are both scheduled to
commence construction in May 2017 and
reach commercial operation in early 2018. The solar power projects
are expected to generate clean energy to power nearly 12,000 homes
under a 20-year contract for differences awarded under the
Queensland government's Solar 150
program. These projects have been awarded AUD3.5 million
(US$2.7 million) grant funding from
the Australian Renewable Energy Agency ("ARENA").
"We are pleased to secure the financial backing from MUFG and
CEFC, alongside the funding support from ARENA. These projects will
directly contribute to the Queensland government's commitment to
generating 50 percent of its electricity needs from affordable
clean energy by 2030. We look forward to making further investments
in Australia as we execute on our
development pipeline", commented Dr. Shawn
Qu, Chairman and Chief Executive Officer of Canadian
Solar.
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 20 GW of premium
quality modules to over 100 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 27, 2017. 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.