GUELPH, Ontario, Feb. 15, 2019 /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
won three solar power contracts with Alberta's Ministry of Infrastructure, for a
total of 94 megawatts (MWp) of solar power system in southeast
Alberta, with an average
contracted PPA price of 48.05 Canadian
dollars per megawatt-hour (MWh). When in operation, these
solar plants will provide 55 percent of the electricity needs for
Alberta provincial government.
This is likely the largest public sector solar energy procurement
contract in Canada in 2019.
"We see great potential in the Alberta solar market, and we're pleased to
supply subsidy-free solar power to meet Alberta's clean energy needs. We hope these 94
MWp solar project contracts serve as a catalyst
for solar industry growth in Canada, specifically in Alberta," said
Shawn Qu, chairman and chief
executive officer of Canadian Solar. "We are delighted to partner
with Conklin Métis Local 193, the indigenous community, who owns a
50-percent equity stake in the Hays, Jenner
and Tilley solar projects."
In the fall of 2018, Canadian Solar entered into a 50-percent
equity partnership with Conklin Métis Local 193 on the three
projects. The Conklin Métis are an indigenous community based in
the rural hamlet of Conklin, part
of the Athabasca Oil Sands region in eastern Alberta.
"We are extremely excited about our partnership with Canadian
Solar, a global leader in solar energy. As a Métis community, we
highly value the opportunity to invest in renewable energy projects
within Canada," said Shirley Tremblay, president of the Conklin Métis
Local 193. "This partnership will help us diversify our investment
portfolio, and its financial benefits will support key social and
economic initiatives within our community. We applaud the
Government of Alberta and Canadian
Solar for their progressive mentality and look forward to a
long-lasting, prosperous relationship."
The three projects in the contracts are the Jenner, Tilley, and Hays solar projects. Once completed in early
2021, these solar plants are expected to generate enough power for
more than 20,000 homes. During the construction of the three solar
projects, an estimated 270 jobs
will be created in Alberta.
All three projects are expected to use bifacial solar panels,
which generate up to 20 percent more energy than standard solar
modules due to their ability to produce electricity from both their
front and back sides. These modules are particularly well-suited to
snowy climates like Alberta in the
winter, as snow will increase reflection of sunlight.
About Canadian Solar Inc.
Canadian Solar was founded
in 2001 in Canada and is one of
the world's largest and foremost solar power companies. It is a
leading manufacturer of solar photovoltaic modules and provider of
solar energy solutions and has a geographically diversified
pipeline of utility-scale power projects in various stages of
development. Over the past 18 years, Canadian Solar has
successfully delivered over 32 GW of premium quality modules to
customers in over 150 countries around the world. 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 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; delays in
the completion of project sales; 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 26, 2018. 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.