GUELPH, Ontario, Jan. 4,
2018 /PRNewswire/ -- Canadian Solar Inc. (the "Company", or
"Canadian Solar") (NASDAQ: CSIQ), one of the world's largest solar
power companies, today announced that its wholly-owned subsidiary,
CSI New Energy Holding Co., Ltd. has completed the sale of three
solar power plants in China,
totaling 44.3 MWp to Shenzhen Energy Nanjing Holding Co., Ltd., a
subsidiary of Shenzhen Energy Group Co., Ltd. The transaction was
closed on December 29, 2017 and the
Company expects to recognize revenue from the sale of the plants
for the fourth quarter of 2017.
"With the sale of these three solar plants, we have now sold a
total of seven plants in China to
Shenzhen Energy," commented Dr. Shawn
Qu, Chairman and Chief Executive Officer of Canadian Solar,
"As a developer for solar power plants, we are delighted to see
many traditional energy companies such as Shenzhen Energy are
looking to own and grow more renewable energy assets. This trend
will bring cleaner air to China."
About Shenzhen Energy Nanjing Holding Co., Ltd.
Shenzhen Energy Nanjing Holding Co., Ltd. invests, constructs,
and operates new energy and conventional energy projects. It
operates as a subsidiary of Shenzhen Energy Group Co., Ltd., a
listed and state-owned company in China.
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 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 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 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.