GUELPH, Ontario, Dec. 23, 2015 /PRNewswire/ -- Canadian Solar Inc. (the "Company", or "Canadian Solar") (NASDAQ: CSIQ), one of the world's largest solar power companies, today announced that its wholly owned subsidiary, Canadian Solar Solutions Inc., completed the sale of its 10 MW AC EarthLight LP ("Earthlight") to One West Holdings Ltd., an affiliate of Concord Green Energy Inc. ("Concord"). The plant, valued at over CAD$69.4 Million (USD$49.7 Million), is located in Georgina, Ontario and consists of approximately 45,648 Canadian Solar MaxPower CS6X-300/310P PV modules. BowMont Capital and Advisory acted as financial advisor to Concord on this transaction.
This solar power plant will generate significant environmental benefits. The amount of clean solar energy that the Earthlight plant will generate is estimated at 17,892 MWh per year and 344,697 MWh over 20 years. The amount of carbon dioxide that will be displaced during the system's 20 year lifetime is approximately 237,686 metric tons, equivalent to taking approximately 50,000 cars off the road for one year.
Cliff McCracken, Senior Vice-President at Concord, remarked, "This is the fifth plant we have purchased from Canadian Solar in the past year and a half for a total installed capacity of 49 MW. We look forward to this to further complement our portfolio of green energy producing projects across Canada."
Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar, commented, "We are pleased to deliver a fifth solar power plant to Concord Green Energy, and we thank them for their mutual partnership and shared belief in making a difference to the environment in Canada. Not only will Earthlight create additional green jobs, it will also provide sustainable clean solar energy to all people of Ontario."
About Canadian Solar Inc.
Founded in 2001 in Canada, Canadian Solar is one of the world's largest and foremost solar power companies. As a leading manufacturer of solar photovoltaic modules and a provider of solar energy solutions, Canadian Solar has a geographically diversified pipeline of utility-scale power projects. In the past 14 years, Canadian Solar has successfully deployed over 12 GW of premium quality modules in over 70 countries around the world. Furthermore, Canadian Solar is one of the most bankable companies in the solar industry, having been publically listed on NASDAQ since 2006. For additional information about the company, follow Canadian Solar on Facebook, Twitter, LinkedIn, or on the website.
About Concord Pacific and Concord Green Energy Inc.
Concord Pacific created Concord Green Energy to explore and support a variety of zero carbon energy producing projects of scale. Planning for infrastructure needs and requirements of Canadians has always been a cornerstone to Canada's first urban master-planned community builder, Concord Pacific. Energy considerations and solutions will be significant to success to sustainable communities of the future. Concord Green Energy has projects at various stages of planning, development, and operation across Canada. Some projects of note include: Red Lily I in Saskatchewan, ROR Project in BC, and a consolidation of solar farms in Ontario. For more information, visit www.concordpacific.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 the risks regarding the 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 Germany, Japan, the U.S. 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; 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 23, 2015. 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.