GUELPH, Ontario, July 6, 2016 /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, CSI Solar Power (China) Inc. has entered into a project sale agreement, pursuant to which, Create Technology & Science Co., Ltd. ("Create Technology & Science") has agreed to purchase Canadian Solar's operating solar power projects in Funing County, Jiangsu Province, China for approximately RMB218.5 million (US$32.8 million).
Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar, commented, "We are very pleased to announce the sale and transfer of these projects to Create Technology & Science, a state-owned company in China. This deal positions us well to continue to monetize our high quality solar power plant assets in China, recycle out capital and strengthen our balance sheet. We value our partnership with Create Technology & Science and look forward to our continued successful cooperation."
This project sale agreement will become effective after Create Technology & Science receives the approval from its board of directors and the approval from the State-owned Assets Supervision and Administration Commission of the State Council (SASAC).
About Create Technology & Science Co., Ltd.
Create Technology & Science Co., Ltd. is principally engaged in the manufacture of specialty instruments and apparatus. The Company's major products and services include: purifying and environment protection equipment and projects; automobile sale; optical, mechanical and electronic integrated surveying instruments; power transformation high voltage insulators; needle bearings, as well as grinding materials and grinding tools, among others. The Company distributes its products within the domestic market and to overseas markets.
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 shipped over 14 GW of premium quality modules in over 90 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.
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; 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 UK, 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 including solar cell to replace lost production at the Funing solar cell plant during the plant rebuilding and recovery phase; ability to recover weather related damages to the Funing solar cell plant from insurance carriers ; 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 20, 2016. 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.