GUELPH, Ontario and
MADRID, April 24, 2019 /PRNewswire/ -- Canadian Solar
Inc. ("the Company", "Canadian Solar") (NASDAQ: CSIQ), one of the
world's largest solar power companies, announced today the signing
of an agreement for the sale of its 80% interest in a 482.6 MWp
portfolio of contracted solar projects in Brazil to Nebras Power Investment Management
B.V., a Dutch affiliate of Nebras Q.P.S.C. ("Nebras").
These projects are in advanced stages of development with
construction expected to begin in 2019. Canadian Solar will
supply to the projects the high efficiency bi-facial modules,
including from its manufacturing facility in Brazil, which is the leading supplier of high
quality modules for the growing solar market in the
country.
The solar portfolio includes the following projects:
- Salgueiro Solar Holding SA: 114.3 MW peak
- Francisco Sa Solar Holding SA: 114.3 MW peak
- Jaiba Solar Holding SA: 101.6 MW peak
- Lavras Solar Holding SA: 152.4 MW peak
With the completion of 80% interest sale of the 482.6 MWp
Brazilian portfolio to Nebras Power,
Canadian Solar will have successfully sold close to 1GWp of high
quality solar projects in Brazil.
The agreement with Nebras provides Canadian Solar with the
retention of the remaining 20% interest in the portfolio.
"Canadian Solar and Nebras will jointly manage the execution of
the EPC and will bring the projects to completion. Once
operational, these solar energy systems will be one of the largest
bi-facial solar portfolios in Latin
America, highlighting Canadian Solar's technology
leadership. We are very pleased to be partnering with
Nebras Power and supporting the
growth of the solar energy market in Brazil." said
Dr. Shawn Qu, Chairman and Chief
Executive Officer of Canadian Solar.
About Nebras Power Q.P.S.C.
Nebras Power Q.P.S.C. ("Nebras")
headquartered in Doha,
State of Qatar, is a joint venture
of Qatar Electricity and Water Company ("QEWC") (60%) and Qatar
Holding ("QH") (40%). Nebras is a strategic investor in the power
and water sectors with a global vision. Its target is a
well-balanced investment portfolio in terms of technology mix,
markets and greenfield development vs M&A. Nebras is committed
to providing safe, sustainable, efficient and environmentally sound
energy solutions for future generations.
About Nebras Power Investment Management B.V.
Nebras Power Investment Management B.V. ("NPIM") is a wholly
owned subsidiary of Nebras Power
Q.P.S.C., incorporated in the
Netherlands and is operating since 2016. NPIM is the
international investment management platform of Nebras Power Q.P.S.C. Its mandate is to own,
develop and invest, in greenfield developments and brownfield
projects, in the sectors of power and water, in the Netherlands and internationally.
About Canadian Solar Inc.
Canadian Solar was founded in 2001 in Canada and is one of the world's largest and
foremost solar power companies. It is a leading manufacturer of
solar photovoltaic modules and provider of solar energy solutions
and has a geographically diversified pipeline of utility-scale
power projects in various stages of development. Over the past 18
years, Canadian Solar has successfully delivered over 32 GW of
premium quality modules to customers in over 150 countries around
the world. 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 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.