GUELPH, Ontario, Aug. 30, 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
successfully completed construction and started commercial
operation of a 27.3 MWp solar photovoltaic (PV) power plant in
Tottori Prefecture, Japan.
The plant reached commercial operation on August 10, 2017. Powered by 85,320 Canadian
Solar's high-efficiency MaxPower
modules, the plant is expected to generate approximately 26,259 MWh
of clean, reliable solar electricity each year, which will be
purchased by Chugoku Electric Power Co., Inc. under a 20-year
feed-in-tariff contract at the rate of ¥40.0 ($0.32) per kWh.
"The successful grid connection of the 27.3 MWp plant is another
testament to Canadian Solar's capability in project development and
construction, and it enlarges our portfolio of operating solar
power projects in Japan to 137.8
MWp," commented Dr. Shawn Qu,
Chairman and Chief Executive Officer of Canadian Solar Inc., "We
will continue to execute on our energy business strategy to develop
and deliver more quality solar projects in Japan and other countries."
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 a provider of solar energy solutions, Canadian Solar
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 22 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 http://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; cancellation 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.