GUELPH, Ontario, Aug. 10, 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, announced today a
partnership in the 92.5 MWp Pirapora III photovoltaic project in
Brazil, through the sale of 80%
interest in the Project by Canadian Solar to EDF EN do Brasil, EDF
Energies Nouvelles' local subsidiary. The Pirapora III project has
started construction and is expected to reach commercial operation
in the fourth quarter of 2017.
Canadian Solar is supplying modules for the Project from its 380
MWp modules factory established in Brazil to support the local market. EDF EN do
Brasil will manage both the construction and operations phases of
the Project.
EDF EN do Brasil previously acquired from Canadian Solar an 80%
interest in its 191.5 MWp Pirapora I and 115 MWp Pirapora II
projects. Once commissioned in 2018, the three projects located in
the same area will form the largest solar photovoltaic facility in
operation in Latin America with a
total installed capacity of approximately 400 MWp. The three
projects will benefit from common operational facilities and
services. The Pirapora III project, located in the State of Minas
Gerais in Brazil, was awarded a
20-year Power Purchase Agreement in the 2014 Reserve Energy
Auction.
The Project will generate 188 GWh per year and contribute
towards the country's goal of obtaining 23% of its energy from
non-hydro renewable sources by 2030.
"We are proud to be working with EDF EN on a third project in
Brazil. We have now partnered with
EDF EN on all three of our projects in Brazil that were awarded long-term PPAs,
totaling close to 400 MWp. We value our strategic partnership with
EDF EN and look forward to continuing our successful collaboration
on other opportunities in the future, as we expand our quality
solar project pipeline globally", said Dr. Shawn Qu, Chairman and Chief Executive Officer
of Canadian Solar.
Antoine Cahuzac, EDF Group's
Senior Executive Vice President, Renewable Energies and CEO of EDF
Energies Nouvelles, added: "This acquisition constitutes further
evidence of our growth ambitions in Brazil, a key renewable energy market for the
EDF Group. It represents a new step toward the EDF Group's goal of
doubling its renewable capacity in France, and worldwide, by 2030 under its CAP
2030 company plan."
About EDF Energies Nouvelles
EDF Energies Nouvelles is a market leader in renewable energy
electricity, with a portfolio of more than 10 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.
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 21GW 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.
Canadian Solar 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 quarterly or annual results, particularly the management
quotations and the statements in the "Business Outlook" section,
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; 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.