GUELPH, Ontario, May 1, 2019 /PRNewswire/ -- Canadian Solar
Inc. (the "Company", or "Canadian Solar") (NASDAQ: CSIQ), one of
the world's largest solar power companies, today announced it won
two accolades in the 2018 Power Finance & Risk Deal of
the Year Awards.
Canadian Solar was named the Latin America Project Finance
Borrower of the Year, and was further recognized as Latin America
Project Finance Deal of the Year for the financing of its 100 MWp
solar project in Cafayate, Argentina.
Power Finance &
Risk recognizes excellence and innovation in
power project finance and M&A. Canadian Solar was selected as
the winner in two of the twenty-five categories through
an industry-wide poll that surveyed investors, sponsors,
bankers and advisers throughout the Americas. Winners in other
categories include Capital Dynamics, Allianz Global Investors,
BlackRock, Enel, MUFG and Goldman Sachs. This recognition
follows the success of Recurrent Energy, Canadian Solar's U.S.
project development arm, which was previously named 2015 Project
Finance Borrower of the Year for North
America.
The Cafayate solar project was awarded a 20-year U.S. dollar
indexed Power Purchase Agreement (PPA) of US$56.28/MWh during the second renewable public
tender (RenovAR 1.5). The U.S. dollar indexed PPA is backed
with a three-level guarantee mechanism, including a World Bank
guarantee and Argentina's
government guarantee through the Trust Fund for Renewable Energy
(FODER). The US$50 million
non-recourse financing package, arranged by CAF - Development Bank
of Latin America, consists of a
US$30 million CAF A-loan with a
15-year tenor, a US$15 million
parallel loan from the Argentinian Development Bank of Investment
and Foreign Trade (BICE) with a 15-year tenor, and a US$5 million parallel loan from the Bank of the
City of Buenos Aires (Banco de la
Ciudad) with a 10-year tenor. CAF and Canadian Solar have a
financing target of US$75 million and
are seeking an additional US$25
million in senior financing in which the new lender will
benefit from CAF's preferred creditor status.
Dr. Shawn Qu, Chairman and Chief
Executive Officer of Canadian Solar Inc. commented, "We are honored
to receive these awards and to be recognized by Power Finance &
Risk. We have successfully raised approximately US$800 million of debt capital in Latin America since we first started in 2015.
We are committed to working with our business partners, investors,
lenders and advisers to finance and build high-quality solar power
generation assets across Latin
America."
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 25, 2019. 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.