GUELPH, Ontario, March 6, 2014 /PRNewswire-FirstCall/ -- Canadian Solar Inc. (the "Company", or "Canadian Solar") (NASDAQ: CSIQ), one of the world's largest solar power companies, today announced that Manufacturer's Life Insurance Company ("Manulife") has agreed to provide C$48 million in construction and term financing to Canadian Solar for the Company's Val Caron solar power project located in Ontario, Canada. The Val Caron project is being acquired by Concord Green Energy Inc. BowMont Capital and Advisory acted as financial advisor to Concord Green Energy Inc.
Developed by Canadian Solar, the Val Caron solar power project has begun construction and will be connected in 2014. The project was awarded a 20-year power purchase contract (the "FIT Contract") by the Ontario Power Authority under the Ontario's Feed-In-Tariff Program.
Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar, commented, "We appreciate the support of Manulife, a leading financial services group, which boasts a successful history reaching back over 125 years. Both of our companies are based in Canada, and share a commitment to job creation, with a long-term view toward fostering a positive economic environment in Canada. This latest agreement will allow us to continue to the development of our highly attractive utility-scale pipeline in a financially prudent, shareholder friendly manner."
About Canadian Solar Inc.
Founded in 2001 in Canada, Canadian Solar Inc. (NASDAQ: CSIQ) is one of the world's largest and foremost solar power companies. As a leading vertically integrated provider of solar modules, specialized solar products and solar power plants with operations in North America, South America, Europe, Africa, the Middle East, Australia and Asia, Canadian Solar has delivered more than 6 GW of premium quality solar modules to customers in over 70 countries. Canadian Solar is committed to improve the environment and dedicated to provide advanced solar energy products, solutions and services to enable sustainable development around the world. For more information, please visit www.canadiansolar.com.
Safe Harbor/Forward-Looking Statements
Certain statements in this press release, including but not limited to statements regarding the expected start of construction, date of completion milestone payment terms, period of service, power production and environmental impact 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 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 in our project markets, including Canada and the Province of Ontario; 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; litigation and other risks as described in the Company's SEC filings, including its annual report on Form 20-F filed on April 26, 2013. 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. You 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.