GUELPH, Ontario, July 20, 2015 /PRNewswire/ -- Canadian Solar Inc. (the "Company", or "Canadian Solar") (NASDAQ: CSIQ), one of the world's largest solar power companies, today announced that it completed construction and grid connection of three of its solar photovoltaic (PV) power plants in Japan, with a total of approximately 5.2 MWp, including the 2.2 MWp Tsukuba Stones Solar Power Plant in Kasama City, Ibaraki Prefecture, the 2.0 MWp Tomigaoka Solar Power Plant in Isa City, Kagoshima Prefecture, and the 1.0MWp Isa City Solar Power Plant in Isa City, Kagoshima Prefecture.
The 2.2 MWp Tsukuba Stones Solar Power Plant was connected to the grid on June 26, 2015. Powered by 8,448 Canadian Solar CS6P-260P modules, it will generate approximately 2,474 MWh of clean, emission-less solar electricity every year and the electricity generated from this project will be purchased by Tokyo Electric Power Co., Ltd. under a 20 year feed-in-tariff contract at the rate of JPY40.00 ($0.33) per kWh.
The 2.0 MWp Tomigaoka Solar Power Plant was connected to the grid on June 29, 2015. Powered by 7,920 Canadian Solar CS6P-255P modules, it will generate approximately 2,415 MWh of clean, emission-less solar electricity every year and the electricity generated from the project will be purchased by Kyushu Electric Power Co., Inc. under a 20 year feed-in-tariff contract at the rate of JPY36.00 ($0.30) per kWh.
The 1.0 MWp Isa City Solar Power Plant was connected to the grid on June 9, 2015. Powered by 3,654 Canadian Solar CS6P-255P modules, it will generate approximately 1,175 MWh of clean, emission-less solar electricity every year and the electricity generated from the project will be purchased by Kyushu Electric Power Co., Inc. under a 20 year feed-in-tariff contract at the rate of JPY40.00 ($0.30) per kWh.
"We are very pleased to announce the successful completion and grid connection of these three projects, which well demonstrates the execution ability of our local project development and EPC teams in Japan," commented Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar Inc., "We are well on track to complete more projects in the quarters ahead in this important market that is expected to make an important contribution to our planned YieldCo."
About Canadian Solar
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 10 GW of premium quality modules in over 70 countries around the world. Furthermore, Canadian Solar is one of the most bankable companies in the world, 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; 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 price; delays in new product introduction; continued success in technological innovations and delivery of products with the features customers demand; delays in utility-scale land development approval process; delays in utility-scale project construction; failure to secure grid connection agreement, 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.