GUELPH, Ontario, Jan. 30, 2018 /PRNewswire/ -- Recurrent Energy, a
wholly owned subsidiary of Canadian Solar Inc. ("Canadian Solar")
(NASDAQ: CSIQ), today announced that Southern Power, the wholesale
subsidiary of Southern Company, has acquired the 20 MWac/28 MWp
Gaskell West 1 Solar Facility, located in southern California in Kern
County.
"We are pleased to partner with an energy industry leader like
Southern Power on this transaction," said Dr. Shawn Qu, chairman and chief executive officer
of Canadian Solar. "Recurrent Energy's growing portfolio of U.S.
solar assets continues to create value for our customers and
shareholders."
The Gaskell West 1 Solar Facility is expected to reach
commercial operation in spring of 2018 and has a long-term power
purchase agreement with Southern California Edison. The project
represents Southern Power and Recurrent Energy's fourth
transaction.
This project uses Canadian Solar's MaxPower 1500-volt
polycrystalline CS6U-P modules, which deliver excellent module
efficiency and performance in a variety of conditions. The project
is currently under construction and is expected to create over 200
peak construction jobs.
About Recurrent Energy
Recurrent Energy is a leading utility-scale solar project
developer, delivering competitive, clean electricity to large
energy buyers. Based in the U.S., Recurrent Energy is a wholly
owned subsidiary of Canadian Solar Inc. and functions as Canadian
Solar's U.S. project development arm. Recurrent Energy has more
than 4 GW of solar projects in development in the U.S. 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 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.