Canadian Solar Completes the Sale of 10 MW Solar Power Plant to Concord Green Energy
GUELPH, Ontario, July 7, 2014 /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., on Monday, June 30, completed the sale of the 10 MW AC Val Caron solar power plant ("Val Caron") valued at over C$60 million to One West Holdings Ltd., an affiliate of Concord Green Energy ("Concord"). The Val Caron 10 MW AC solar power plant is located in the city of Greater Sudbury, Ontario.
"We are excited to have reached another acquisition milestone," remarked Cliff McCracken, Senior Vice-President Concord Pacific. "Solar energy will soon be a significant contributor to our clean power portfolio of projects already in operation across Canada."
"We are pleased to close the first of five planed solar project sales to Concord Green Energy. This underscores our continued momentum in the Canadian market. Clearly, we continue to leverage our unequalled strength in our home market, where we operate 2 state-of-the-art module manufacturing facilities with a combined capacity totalling 500MW, and employing over 700 Canadian employees," said Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar. "Our utility-scale solar project backlog in Canada now stands at over 570 MW DC, even after considering the 116 MW DC of solar projects we already completed and delivered to end buyers in Ontario."
About Concord Green Energy Inc.
Concord Green Energy was created to explore and support variety of zero carbon energy producing projects of scale. Energy considerations and solutions will be significant to success of the sustainable communities of the future. Planning for infrastructure needs and requirements of Canadians has always been a cornerstone to Canada's first urban community builder, Concord Pacific. Creating sustainable and clean energy to power the communities of the future is the vision of Concord Green Energy. For more information visit concordpacific.com.
About Canadian Solar Inc.
Founded in 2001 in Ontario, Canada, Canadian Solar is one of the world's largest and foremost solar power companies. As a leading manufacturer of solar photovoltaic modules and provider of solar energy solutions, Canadian Solar has an industry leading and geographically diversified pipeline of utility-scale solar power projects as well as a track record of successful solar deployment boasting over 7 GW of premium quality modules installed in over 70 countries during the past decade. Canadian Solar is committed to providing high-quality solar products and solar energy solutions to customers around the world. For more information about our company, products and projects please 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 the risks regarding general business and economic conditions and the state of the solar industry; governmental support for the deployment of solar power; future available supplies of solar grade silicon; demand for solar products by consumers and inventory levels of such products in the supply chain; changes in demand from significant customers; changes in demand in our project markets, including Canada, the U.S., Japan and China; changes in customer order patterns; capacity utilization; level of competition; pricing pressure and declines in average selling prices; delays in new product introduction; continued success in technological innovations and delivery of products with the features customers demand; utility-scale project approval process; delays in utility-scale project construction; shortage in supply of materials or capacity requirements; availability of financing; exchange rate fluctuations; trade protectionism in Europe, the U.S. and India; litigation and other risks as described in the Company's SEC filings, including its annual report on Form 20-F filed on April 28, 2014. Although the Company believes that the expectations reflected in its 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.