GUELPH, Ontario, March 23, 2020 /PRNewswire/ -- Canadian Solar Inc. (the "Company" or "Canadian Solar") (NASDAQ: CSIQ) announced today the closing of a 17.7 MWp portfolio sale in Italy to Sonnedix. The Company expects to recognize revenue from the sale in the first quarter of 2020.
The portfolio of five solar PV plants in Sicily was jointly developed by Canadian Solar and Manni Energy, and has been operational since February 2020. The energy produced is sold to TrailStone Renewables GmbH through a recently signed 10-year PPA. This is one of the longest PPAs for subsidy-free solar portfolios in Italy to date. These solar plants are expected to produce approximately 34 GWh of clean energy per annum, equivalent to providing approximately 12,000 Italian households with clean solar energy.
Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar commented, "We are pleased to partner with Sonnedix and Manni Energy on the sale of our landmark subsidy-free portfolio in Italy, the first-of-its-kind in the local market. Italy is one of Canadian Solar's core markets in the EMEA region and we are committed to investing and growing it even during difficult times. Just a few days ago, we secured EUR 55 million in project financing to fund the construction of 151 MWp of solar power plants in Sicily, Apulia and Lazio, which are expected to break ground in Q3 this year. We have been active in the Italian subsidy-free market since 2018, and now have over 900 MWp of project pipeline under permitting, solidifying our position as one of leading players in the country."
Mr. Franco Citron, Head of Business Development at Manni Energy, commented, "It was a great pleasure to collaborate with Canadian Solar and Sonnedix, two key players in the solar industry. We believe that moving towards market parity, a path that Manni Energy undertook two years ago, is the right way to contribute to Italy's decarbonization goals as stated in the Integrated National Energy and Climate Plan, which runs through 2030. Based on this belief, we started the development of important projects for the 2020-2022 triennium, not only in southern but also in northern and central Italy. In addition, we are working on solutions and technologies that will optimize the energy generation of these plants, with the aim to make the prime cost of energy even more sustainable and competitive."
About Canadian Solar Inc.
Canadian Solar was founded in 2001 in Canada and is one of the world's largest solar power companies. It is a leading manufacturer of solar photovoltaic modules and provider of solar energy solutions and has a geographically diversified pipeline of utility-scale solar power projects in various stages of development. Over the past 19 years, Canadian Solar has successfully delivered over 38 GW of premium-quality, solar photovoltaic modules to customers in over 150 countries. Canadian Solar is one of the most bankable companies in the solar industry, having been publicly listed on NASDAQ since 2006. For additional information about the Company, follow Canadian Solar on LinkedIn or visit www.canadiansolar.com.
About Manni Energy
Manni Energy is the renewable energy company of Manni Group, devoted to development, construction and O&M services of utility scale and industrial photovoltaic systems. Manni Group, an industrial business in Verona with over 75 years of history, promotes innovation in processing and in using steel in its wide range of applications. Over the past 10 years, Manni Energy has successfully installed over 800 photovoltaic plants in Italy, market in which is currently managing over 250 plants as O&M Contractor. For more information, please visit www.mannienergy.com
Sonnedix Power Holdings Limited (together with its subsidiaries, "Sonnedix") is an Independent Solar Power Producer (IPP) with a proven track record in delivering high performance cost competitive solar photovoltaic plants to the market. Sonnedix develops, builds, owns and operates solar power plants globally. For more information about Sonnedix, please visit www.sonnedix.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 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 from major markets such as Japan, the U.S., India 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; delays in the completion of project sales; continued success in technological innovations and delivery of products with the features customers demand; 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 25, 2019. 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.
SOURCE Canadian Solar Inc.