GUELPH, Ontario, March 27, 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 its wholly-owned subsidiary, Canadian Solar Solutions Inc., has completed the sale of Little Creek, a 8.5 megawatt ("MW") AC solar power plant valued at over C$53.0 million to a BluEarth Renewables Inc. subsidiary ("BluEarth"). This is the first of four planned solar projects being acquired by BluEarth from Canadian Solar, totalling 38.5 MW AC.
Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar, commented, "We are pleased to complete the sale and transfer of the first of four solar projects to BluEarth Renewables. This is an important group of projects as it helps move BluEarth closer to its goal of having C$1 billion of high-quality, long-term contracted renewable energy plants. From Canadian Solar's standpoint, this successful project sale closure allows us to redeploy resources to other projects and to further expand our pipeline, which exceeds 4.5 gigawatts. We continue to focus on higher quality, higher profitability, lower risk projects, which are both attractive to end buyers and give us increased visibility into our business operations beyond 2014."
"The addition of this first solar project to our portfolio is an important milestone for BluEarth. Solar is a great fit with our existing wind and hydro projects across Canada and we are very pleased to be expanding our interests in Ontario," said Kent Brown, President & CEO of BluEarth. "We look forward to delivery of the remaining three projects and a continued relationship with Canadian Solar moving forward."
The Little Creek 8.5 MW AC solar power plant is located in the town of Napanee, Ontario, Canada. The additional three utility-scale solar power plants being purchased by BluEarth, which are planned to reach commercial operation through Q2 2015, are located in Kawartha Lakes, Belleville and Beaverton, Ontario, Canada. Canadian Solar Solutions Inc. will provide turnkey engineering, procurement and construction ("EPC") services for all four projects.
About BluEarth Renewables Inc.
Headquartered in Calgary, Canada, BluEarth is a private independent renewable power producer, focused on the acquisition, development, construction and operation of wind, water, and solar projects in North America, with a primary focus in Canada. With the most experienced renewable energy development team in Canada, BluEarth's mission is to be the Canadian renewable energy leader by developing, building, and operating a portfolio that optimizes people, planet, and profit. BluEarth believes it has the power to change the future by demonstrating how to be sustainable and profitable, leaving the world a better place. For more information, visit bluearth.ca.
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, the U.S., Japan and China; 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 its 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.