GUELPH, Ontario, Aug. 7, 2017 /PRNewswire/ -- Canadian Solar Inc.
(the "Company", or "Canadian Solar") (NASDAQ: CSIQ), one of the
world's largest solar power companies and EDF Energies Nouvelles, a
global market leader in renewable energy, today announced that the
191.5 MWp Pirapora I project had secured a project financing
facility amounting to BRL529 million
(US$163 million) from the Brazilian
Development Bank ("BNDES").
The Pirapora I project is the first-ever solar power generation
project to be financed by BNDES, with funding entirely from TJLP
(Brazilian Long Term Interest Rate). The 18-year financing facility
underscores the confidence of BNDES in the long-term growth of
renewable energy in Brazil.
Canadian Solar owns 20% of the photovoltaic project located in
Minas Gerais, in partnership with EDF EN do Brasil, EDF Energies
Nouvelles' local subsidiary, that has acquired 80% of the project,
in October 2016. Canadian Solar has
supplied modules manufactured in the State of Sao Paulo, Brazil that satisfy BNDES'
local content requirements. The project is fully contracted with a
20-year inflation-linked power purchase agreement (PPA) awarded in
2015 at an auction organized by the Brazilian Government. The
project is currently under construction and is expected to reach
commercial operation in the third quarter of 2017.
Dr. Shawn Qu, Chairman and Chief
Executive Officer of Canadian Solar, commented "This cornerstone
financing from BNDES for the Pirapora I project demonstrates the
total commitment from BNDES and the Brazilian government to support
companies willing to invest in the long-term development of solar
energy infrastructure in Brazil.
We are extremely pleased to have partnered with EDF Energies
Nouvelles in securing this landmark transaction in the solar
sector."
About BNDES
BNDES is the main financing agent for development in
Brazil. Since its foundation, in
1952, the BNDES has played a fundamental role in stimulating the
expansion of industry and infrastructure in the country. Over the
course of the Bank's history, its operations have evolved in
accordance with the Brazilian socio-economic challenges, and now
they include support for exports, technological innovation,
sustainable socio-environmental development, infrastructure
development and the modernization of public administration.
About EDF Energies Nouvelles
EDF Energies Nouvelles is a market leader in renewable energy
electricity, with a portfolio of more than 9,5 GW gross installed
capacity focused for the most part on wind (onshore and offshore)
and solar photovoltaic energy. Mostly operating in Europe and North
America, EDF Energies Nouvelles continues its development by
taking strong positions in promising emerging areas such as
Brazil, Chile, China,
India or South Africa. The Company is also present in
other segments of the renewable energy market: marine energy,
distributed energies and energy storage. EDF Energies Nouvelles
manages renewable energy projects' development and construction as
well as operation and maintenance for its own account and for third
parties. EDF Energies Nouvelles is a subsidiary of the EDF Group
dedicated to renewable energy.
Visit us at www.edf-energies-nouvelles.com and follow us on
https://www.linkedin.com/company/edf-energies-nouvelles and on
Twitter @EDFEN_officiel
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 21 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.