GUELPH, Ontario and
MADRID, April 16, 2018 /PRNewswire/ -- Canadian Solar
Inc. (the "Company", or "Canadian Solar") (NASDAQ: CSIQ), one of
the world's largest solar power companies, announced today the sale
of its interest in the Guimarania solar energy project in
Brazil to Global Power Generation,
subsidiary of Spanish energy group Gas Natural Fenosa. The 80.6 MWp
project, expandable to 83 MWp, is under construction and expected
to reach commercial operation in the fourth quarter of 2018.
Canadian Solar will supply its high-efficiency "MaxPower" modules
for the Project.
The Project, located in the state of Minas Gerais in
Brazil, was awarded a 20-year
Power Purchase Agreement in the third Reserve Energy Auction in
2015. Once completed, the Project will generate 162,471 MWh per
year and contribute towards the country's goal of obtaining 23% of
its energy from renewable sources by 2030.
"The sale of the Guimarania project is another demonstration of
the strong potential of the solar energy market in Brazil and the continuing success of Canadian
Solar in it. This is the fourth project, which we have
successfully developed and sold in Brazil, following the 399 MWp Pirapora project
portfolio. With the 476 MWp of projects awarded in the last
two energy auctions, Canadian Solar has developed over 955 MWp of solar projects,
with long-term PPAs awarded, in the country." said Dr. Shawn Qu, Chairman and Chief Executive Officer
of Canadian Solar.
"This latest acquisition strengthens GPG's commitment to
renewable generation in Latin
America by doubling its generation in the Brazilian market
since making inroads in 2017. We are pleased to announce this deal;
the time is right for GPG since we have made important acquisitions
and developments throughout the world, introducing technology
innovations to bring quality renewable energy to communities where
we operate, in Brazil in this
particular case." said Lluis
Noguera, Chief Executive Officer of Global Power
Generation.
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 17 years,
Canadian Solar has successfully delivered over 26 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.
About Global Power Generation
Global Power Generation (GPG), owned by Gas Natural Fenosa and
the Kuwait Investment Authority, is a company dedicated to the
power generation business. It develops and manages over 3000 MWs of
power generation assets with a global focus. For additional
information about the company, visit
http://www.globalpower-generation.com/#
Canadian Solar Safe Harbor/Forward-Looking Statements
Certain statements in this press release 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.