GUELPH, Ontario, Sept. 21,
2020 /PRNewswire/ -- Canadian Solar Inc. ("Canadian
Solar") (NASDAQ: CSIQ) announced today the completion of the sale
of the Suffield Solar Project to BluEarth
Renewables ("BluEarth"). The Suffield Solar Project
("Suffield"), currently under construction in southeast
Alberta, will have a capacity of 23 MWac / 32 MWp
and will be among the largest solar photovoltaic (PV)
facilities in the province of Alberta. Direct Energy will purchase the
electricity from the Suffield facility once it is operational later
this year. Direct Energy is one of the largest energy and
energy-related service providers in North
America with almost one million residential, business and
wholesale customers in Alberta.
The Suffield facility was awarded funding through Natural
Resources Canada's Emerging Renewable Power Program for pioneering
cutting-edge advancements in renewable energy technology.
Specifically, the Suffield project will use Canadian Solar's
high-efficiency bifacial modules and single-axis trackers. Bifacial
modules produce electricity from both sides of the solar panel
maximizing total energy generation and improving reliability during
winter months. Single-axis trackers allow the solar arrays to
follow the sun's trajectory throughout the day, also increasing
electricity production.
Dr. Shawn Qu, Chairman
and CEO of Canadian Solar said, "The Suffield Solar
Project proves the notion that private investment coupled with
government funding to advance research and new technologies is a
win/win for consumers. We have sincerely enjoyed partnering with
BluEarth Renewables in the past and are very pleased to have them
as the new owner of this landmark project."
"We've had an excellent, long-standing relationship with
Canadian Solar having transacted with them on our very first solar
project in 2014," said Grant
Arnold, President and CEO of BluEarth. "With this
acquisition, BluEarth is excited to expand its footprint in
southern Alberta.
The Suffield project, combined with one other solar project
currently under construction, brings BluEarth's total solar
capacity to 187 MWac. We also believe more opportunities are on the
horizon given the favorable market conditions for renewable energy
investment in Alberta."
Dr. Qu added, "With BluEarth's proven commitment to the
clean energy transition, an offtake agreement with leading energy
provider Direct Energy, and the support from Natural Resources
Canada, the Suffield Solar Project is set to benefit Albertans for
years to come."
Once operational, the Suffield Solar Project is estimated to
power approximately 7,300 homes annually. For more information
about the Suffield Solar Project, visit BluEarth's website.
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
150 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 BluEarth Renewables
BluEarth Renewables brings together extraordinary people with
the power to change the future™ by delivering renewable energy to
the power grid every day. We are a leading, independent, power
producer that acquires, develops, builds, owns and operates wind,
hydro and solar facilities across North
America. Our portfolio includes 372 MW net (444 MW gross) of
nameplate capacity in operation and under construction and over
2,000 MW under development. For more information, visit
bluearthrenewables.com or follow us on Twitter, LinkedIn and
Facebook.
About Recurrent Energy
Recurrent Energy is a leading utility-scale solar and storage
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
approximately 5 GW of solar and storage projects in development in
the U.S. Additional details are available at
www.recurrentenergy.com.
Canadian Solar's 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.
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SOURCE Canadian Solar Inc.