GUELPH, Ontario, May 16, 2019 /PRNewswire/ -- Canadian Solar Inc.
(the "Company", or "Canadian Solar") (NASDAQ: CSIQ), one of the
world's largest solar power companies, today announced its wholly
owned subsidiary Recurrent Energy, LLC ("Recurrent Energy") has
sold its equity stake in the 134 MWp/100 MWac Mustang solar project
to the Renewable Power Group of Goldman Sachs Asset Management,
L.P. ("Goldman Sachs"). This transaction completes Recurrent
Energy's sale of equity stakes in the 973 MWp portfolio of
California solar projects that
came online in 2016. The Company expects to recognize the sales
revenue from Mustang in the second quarter of 2019.
Community choice aggregators (CCAs) Sonoma Clean Power and MCE
(formerly Marin Clean Energy) are the purchasers of the electricity
from the Mustang project under long-term power purchase
agreements. Mustang became the first utility-scale solar
project fully contracted with CCAs to obtain non-recourse financing
in October 2015. Today, Recurrent
Energy continues to lead the renewable energy industry in power
contracts signed with CCAs. Wood Mackenzie reported in its U.S.
Utility PV Market: Quarterly Update – Q1 2019 that Recurrent
Energy holds 42 percent of all signed electricity contracts with
CCAs.
"We are thrilled to partner with Goldman Sachs on the sale of
the Mustang solar project, and this transaction again demonstrates
Canadian Solar's ability to attract top tier investors," said Dr.
Shawn Qu, chairman and chief
executive of Canadian Solar. "Constructed with a primarily local
workforce, the Mustang project was a prime example of how solar
project development benefits the surrounding communities."
Located in California's Central
Valley, Mustang produces enough clean electricity to power
approximately 45,000 homes. Canadian Solar will continue to provide
asset management services to the project. More information on the
project can be found in this quick video overview:
vimeo.com/recurrentenergy/remustang.
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.
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.
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 25, 2019. 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.