GUELPH, Ontario, Dec. 22, 2020 /PRNewswire/
-- Canadian Solar Inc. (the "Company" or "Canadian
Solar") (NASDAQ: CSIQ) announced today the sale of the remaining
30% ownership of the Big Fish SPV S.r.l. ("Big Fish") and Iron SPV
S.r.l. ("Iron") solar projects to Falck Renewables. Both projects
are located in Sicily, Italy, and
have a total expected capacity of more than 290 MWp. The Company
expects to recognize revenues from the sale in the fourth quarter
of 2020.
Canadian Solar partnered with Falck Renewables back in 2019 to
jointly develop the Big Fish and Iron projects, selling 70%
ownership of the projects to Falck Renewables. Since then, the
projects have successfully secured grid connection and preliminary
land rights, and have also applied for permits and
authorizations.
Dr. Shawn Qu, Chairman
and Chief Executive Officer of Canadian Solar commented, "We
are pleased to have partnered with Falck Renewables in this
initiative which allowed us to broaden our portfolio in
Italy and has brought development
progress to our projects. Going forward, our strategy in
Italy will focus on growing and
diversifying our pipeline, currently in excess of 1.3 GWp across
various regions in the country, with around 140 MWp expected to
reach notice-to-proceed (NTP) in 2021. We will also focus on
securing long term energy sale agreements and maximize the value we
generate from our projects."
Dr. Qu added, "Italy is one of the countries in Europe where solar energy has reached grid
parity at the wholesale level, and therefore we expect the growth
of energy sale agreements to accelerate in the following years.
This is supportive of the ambitious goals set by the government to
substantially increase its solar PV installed capacity over the
next decade. As the energy market shows modest but positive signs
of improvement from the COVID impact, we see new attractive
opportunities in the private PPA market. We are excited about the
opportunities in Italy, which
represents one of Canadian Solar's strongest core markets in the
EMEA region, and expect to gain market share and solidify our
position as one of the leading players in the Italian solar PV
market."
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.
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SOURCE Canadian Solar Inc.