GUELPH, ON, Nov. 23, 2020 /PRNewswire/ -- Canadian Solar
Inc. (the "Company", or "Canadian Solar") (NASDAQ: CSIQ), one
of the world's largest solar power companies, announced that it
recently signed a power purchase agreement ("PPA") with BTG Pactual
("BTG", B3: BPAC11) and that it was awarded with two projects in a
private auction by Furnas Centrais Elétricas ("Furnas") for a total
of 862 MWp in solar power projects in Brazil.
For the 12-year PPA with BTG, Canadian Solar will supply solar
energy from a 170 MWp cluster of projects located in the State of
Minas Gerais. The projects will start construction in 2021 and are
expected to achieve commercial operation by the end of 2022. BTG is
one of the main investment banks in Latin
America and runs one of the largest energy trading
businesses in Brazil.
Furnas will purchase solar energy from two Canadian Solar
projects through a 15-year PPA. Canadian Solar will develop and
build both Furnas projects totalling 692 MWp. One of them, will be
located in the State of Ceará and will have a capacity of 260 MWp.
The second project is located in the State of Piuaí and will
have a capacity of 432 MWp. Both projects will start
construction in 2022 and are expected to reach commercial operation
by the end of 2023.
Furnas is a majority-controlled subsidiary of Centrais Elétricas
Brasileiras S.A. – Eletrobras ("Eletrobras", NYSE: EBR). Furnas'
business is mainly in energy generation, transmission and sales. It
operates in 16 Brazilian states and is the owner of 21 hydro
plants, 2 thermal plants, 1 wind farm and 30,000 kilometers of
Dr. Shawn Qu, Chairman
and CEO of Canadian Solar, commented, "We are pleased to
partner with BTG and Furnas to deliver clean solar energy to
Brazilian consumers. I am also proud of our team's great work in
expanding our leadership position in the solar project development
market in Brazil. After the 274
MWp in corporate PPAs that we signed earlier in June, the
volume of projects secured in this PPA and auction is the largest
in Canadian Solar's history, and it
increases our backlog of solar projects in Brazil with PPAs (or equivalent) to almost 2.2
"We are also making good progress on
our project monetization strategy in Brazil, where we are in the process of forming
a Brazilian Participation Fund for Infrastructure projects, or
FIP-IE, which is on track to launch in 2021. This will help
accelerate our growth in the Brazilian market as we optimize our
capital allocation. More updates to come."
All projects will use Canadian Solar's latest, high power series
7 bifacial modules of up to 665 Wp.
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 49 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.
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; delays in the process of
qualifying to list the MSS subsidiary in the PRC; 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.