GUELPH, ON, Aug. 17, 2020 /PRNewswire/ -- Canadian Solar
Inc. (the "Company", or "Canadian Solar") (NASDAQ: CSIQ),
announced today that it has commenced construction on one of the
largest commercial and industrial ("C&I") rooftop solar
projects in Malaysia, in
collaboration with Antah Solar Sdn. Bhd. and Eleaps Sdn. Bhd. The 5
MWp project will span an area of over 26,000
m2, and is located in Penang, Malaysia.
The 5 MWp power purchase agreement was signed with Muda Paper
Mills Sdn Bhd ("Muda Paper"), a subsidiary of Muda Holdings Berhad,
listed on the Bursa Malaysia Securities Berhad since November 1984 (KLSE: 3883). Muda Paper is the
largest industrial-grade paper producer in Malaysia. The project will be powered by
13,000 pieces of Canadian Solar's high-efficiency KuMax modules. Once in operation, the plant
is expected to generate approximately 6,700 MWh of clean, reliable
solar electricity each year for 25 years. The Company expects the
project to reach commercial operation by the end 2020.
Dr. Shawn Qu, Chairman and Chief
Executive Officer of Canadian Solar, commented, "This transaction
marks our first corporate solar PPA in Southeast Asia. We have secured close to 170
MWp of corporate PPAs across Southeast
Asia and Australia since
the beginning of 2020, partnering our C&I clients to reduce
carbon emissions while cutting operational costs. With our proven
track record and established C&I pipeline, we expect to partner
with more corporates to capture the growing potential of the global
C&I solar market and help our customers to achieve their
sustainability goals. We appreciate DEG's funding to support
Canadian Solar's expansion across this region."
DEG, or Deutsche Investitions- und Entwicklungsgesellschaft, a
subsidiary of Germany's
development bank KfW Group and one of the world's largest private
sector development financiers, will provide the Company with a
US$20 million long-term loan
facility. This loan matures in 2024 and will be deployed across
Canadian Solar's solar pipeline, including the Muda Paper C&I
rooftop project, demonstrating the Company's commitment to promote
social and environmental goals in its project development
About Canadian Solar Inc.
Canadian Solar was founded in 2001 in Canada and is one of the world's largest 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 solar power
projects in various stages of development. Over the past 19 years,
Canadian Solar has successfully delivered over 46 GW of
premium-quality, solar photovoltaic modules to customers in over
160 countries. 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 Antah Solar Sdn. Bhd.
Antah Solar is a member of the Antah Group. The renewable energy
company has an extensive track record in solar PV as developer, IPP
and EPC service provider. Its team has executed on over 2 GW of
solar installations across 25 countries over the past 10 years.
About Eleaps Sdn. Bhd.
Eleaps has 15 years of experience executing solar installations.
The engineering service provider advocates solutions promoting
energy conservation and renewable energy. It is among the pioneers
of solar PV in Malaysia and has
completed ground-mounted and rooftop projects across the country
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 28, 2020. 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.
SOURCE Canadian Solar Inc.