GUELPH, Ontario, Sept. 26, 2016 /PRNewswire/ -- Canadian Solar
Inc. (the "Company", or "Canadian Solar") (NASDAQ: CSIQ), one of
the world's largest solar power companies, today announced the
commercial operation of the 200 MWac/258 MWp Tranquillity solar
power project in California. The
Tranquillity solar power project was developed by Canadian Solar's
wholly owned subsidiary Recurrent Energy and is majority-owned by
Southern Company subsidiary Southern Power.
Electricity and the associated renewable energy credits (RECs)
produced by the Tranquillity solar facility will be sold under
long-term power purchase agreements to offtakers including Southern
California Edison (SCE).
"The Tranquillity solar facility is the product of long-term
collaboration with financial partners, local communities and other
stakeholders," said Dr. Shawn Qu,
Chairman and Chief Executive Officer of Canadian Solar. "This
milestone is a testament to our commitment to the communities and
ecosystems where we operate, which is a critical ingredient of our
project development success."
In August 2015, Southern Power
signed an agreement to acquire a 51 percent controlling interest in
the Tranquillity solar power project. Canadian Solar retains 49
percent ownership of the facility.
The Tranquillity solar facility, which is expected to generate
enough electricity to power approximately 50,000 homes, is sited on
1,900 acres of retired agricultural land in Fresno County.
"Recurrent Energy's Tranquillity solar project is a Smart from
the Start project that uses drainage impaired, marginally
productive farm lands being retired from agricultural production,"
said Carl Zichella, Director of
Western Transmission for the Natural Resources Defense Council
(NRDC). "Recurrent Energy should be commended for its responsible
development practices."
Construction of the Tranquillity project created 456 peak
construction jobs, with approximately 57 percent of workers hailing
from within 50 miles of the project site. More than $5M was spent locally on materials and services
to support construction activities, with Signal Energy Constructors
providing engineering, procurement and construction services.
Additional Resources:
- VIDEO: Solar in the community - the Tranquillity project:
https://vimeo.com/recurrentenergy/tqstory
- Tranquillity solar power project web page:
http://recurrentenergy.com/mega-project/tranquillity/
About Recurrent Energy
Recurrent Energy, a subsidiary of Canadian Solar Inc., is
redefining what it means to be a mainstream clean energy company,
with utility-scale solar plants that provide competitive clean
electricity. The company has more than 4 GW of solar projects in
development in North America.
Additional details are available at: www.recurrentenergy.com
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 14 years,
Canadian Solar has successfully delivered over 16 GW of premium
quality modules to over 90 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, visit the Company's
website or follow Canadian Solar on LinkedIn.
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 20, 2016. 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.