GUELPH, Ontario, Sept. 12, 2018 /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 Victorian government support agreement for
its greenfield 100MWac Carwarp Solar Project in Australia. This award guarantees revenue for
100% of the energy produced by the Carwarp Solar Farm for the term
of the support agreement.
The project is located near Mildura, Victoria and will utilize Canadian Solar's
high-efficiency bifacial modules with the latest single axis
tracking technology. Canadian Solar is a pioneer in commercially
deploying high efficiency poly PERC bifacial modules with
front-side power output up to 365W, with a nominal bifacial rating
of 400W. Canadian Solar's bifacial modules will generate extra
power output of up to 30% depending on the GCR and light reflection
and have a warranted life of 30 years.
Canadian Solar plans to commence construction of the project in
Q1 2019 and achieve commercial operation in Q1 2020. The solar
system will generate 267,000 MWh of electricity every year,
equivalent to powering approximately 48,000 homes and reducing
greenhouse emissions by 288,000 metric tonnes of greenhouse
gases.
As part of Canadian Solar's commitment to local investment, the
Carwarp Solar Project incorporates support for the local industry
and skills development initiatives, including higher education
scholarships and training, industry workshops and development
programs, support for the integration of renewable energy
technology into farming practices, and partnerships with local
community organisations, education providers and local start-up
businesses.
"We are pleased to secure the prestigious award from the
Victorian Government for the Carwarp Solar Project," commented Dr. Shawn Qu, Chairman and Chief Executive Officer
of Canadian Solar. "The Victorian
Renewable Energy Auction Scheme is a highly competitive tender
process and by leveraging our 10-year track record in global
project development and execution, we can assist the Victorian
Government to reach its renewable energy generation targets."
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 29 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 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 26, 2018. 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.