GUELPH, Ontario, Jan.
29, 2018 /PRNewswire/ -- Canadian Solar Inc. (the "Company",
or "Canadian Solar") (NASDAQ: CSIQ), one of the world's largest
solar power companies, today announced it has entered into an
agreement with Photon Energy NV ("Photon Energy") to co-develop
five utility-scale solar power projects, with a total capacity of
1.14 GWp in New South Wales,
Australia.
Canadian Solar will acquire a 51% shareholding in each of Photon
Energy's five project companies in Australia that carry a total of 1.14 GWp of
projects. The portfolio of projects includes the 316 MWp project in
Gunning which is fully owned by Photon Energy, as well as four
projects co-developed by Photon Energy with Polpo Investment,
namely the 178 MWp project in Mumbil, the 165 MWp project in
Gunnedah, the 286 MWp project in Suntop and the 196 MWp project in
Maryvale.
"This transaction represents an exciting moment for the Photon
Energy Group with our long-term commitment to the Australian market
bearing fruit. This cooperation marks a tangible achievement of the
entire team in Australia who have
gained the trust of a leading global player in the solar industry
such as Canadian Solar," commented
Georg Hotar, CEO of Photon Energy
NV.
"Canadian Solar is delighted to partner with Photon Energy and
bring 1.14 GWp into the Australian market," commented Dr.
Shawn Qu, Chairman and Chief
Executive Officer of Canadian Solar, "As a very active developer
for solar power plants in Australia, we will continue to strengthen our
leading position in the market by partnering with Photon
Energy."
ABOUT PHOTON ENERGY
Photon Energy N.V. is a global solar power solutions and
services company covering the entire lifecycle of solar power
systems. Since its foundation in 2008 Photon Energy has built and
commissioned solar power plants across two continents and supplied
the technology to many more major commercial projects. Photon
Energy's Operate and Maintain division service over 210 MWp
worldwide. Photon Energy is headquartered in Amsterdam and has major offices in
Europe and Australia. For more information please visit
www.photonenergy.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 16 years,
Canadian Solar has successfully delivered over 25 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.
Canadian Solar Safe Harbor/Forward-Looking Statements
Certain statements in this press release regarding the Company's
expected future shipment volumes, gross margins, and its ability to
receive the required government approvals for the sale of six solar
power projects in California, 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 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.