GUELPH, Ontario, Dec. 5, 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 has
been awarded a 17.87MWp project in Japan's inaugural solar energy auction.
The project is located in Suzuhari City within Hiroshima prefecture and will be powered by
over 48,000 high-efficiency Canadian Solar modules. Once
constructed, the project will enter into a 20-year power purchase
agreement with Chugoku Power Electric Company at a rate of
JPY17.97 ($0.16) per kWh. The Company expects the project
to reach commercial operation by 2021.
"This project demonstrates our capability to identify and secure
high quality development opportunities in Japan's competitive solar market," commented
Dr. Shawn Qu, Chairman and Chief
Executive Officer of Canadian Solar Inc. "It also underscores our
commitment to improve on the cost competitiveness of solar power
technology deployment in Japan."
Results of the first auction were announced on November 21, 2017, which showed a total of
141.3MW AC of projects awarded at an average price of JPY19.6 ($0.18) per kWh. Japan's Ministry of Economy, Trade and
Industry (METI) have announced plans to run the second auction in
July of 2018 and plans are in place to run a third auction in late
2018.
"As we look ahead, we will continue to maintain a strong focus
on subsequent solar energy auctions in Japan. This will enhance our ability to
provide Canadian Solar Infrastructure Fund with greater access to
high-quality projects," stated Dr. Shawn
Qu.
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 24 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 publically 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; cancelation
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.