Canadian Solar Receives CAD$50.5 Million in Financing from Manulife
GUELPH, Ontario, April 1, 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 The Manufacturer's Life Insurance Company ("Manulife") has agreed to provide approximately C$50.5 million in construction and term financing to Canadian Solar for the Company's Mighty Solar power project located in Ontario, Canada. The Mighty Solar project will be acquired by Concord Green Energy Inc. ("Concord") after Commercial Operation. Bowmont Capital and Advisory acted as the Financial Advisor to Concord.
Developed by Canadian Solar, construction of the 10 MW (AC) Mighty Solar power project commenced and connection is expected in Q2 2014. Ontario Power Authority, under Ontario's Feed-In-Tariff Program, awarded the project a 20-year power purchase contract (the "FIT Contract"). Ontario's FIT Program is North America's first comprehensive guaranteed pricing structure for renewable electricity production.
"Canadian Solar's scale and track record of both execution and quality continues to help attract both world-class financial partners, like Manulife, and sought after end buyers, like Concord. We are now firmly established as one of the power industry's fastest growing companies, with one of the largest global project development pipelines, spanning Canada, the U.S., China, Japan, and other developing markets," said Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar Inc.
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.