GUELPH, ON, Nov. 12, 2020 /PRNewswire/ -- Canadian Solar Inc. (the "Company", or "Canadian Solar") (NASDAQ: CSIQ), one of the world's largest solar power companies, announced today that two of its projects in Japan have been awarded feed-in-tariffs under the 6th FIT Auction. The projects total 22 MWp and are located in the central prefectures of Gunma and Ibaraki. The Gunma project is Canadian Solar's fourth development in that prefecture and will be the Company's sixth golf course conversion project in Japan.
Both projects will be powered by Canadian Solar's high efficiency modules. Once constructed, they will enter into a 20-year power purchase agreement with Tokyo Electric Power Company at the rate of ¥11.99 ($0.114) per kWh. The Company expects the projects to reach commercial operation by 2025 and contribute to future growth opportunities for the Canadian Solar Infrastructure Fund listed on the Tokyo Stock Exchange.
"Canadian Solar's Energy business continues to demonstrate its market leadership in Japan with this successful auction result. Since launching our Japanese solar development business in 2011, we have built and connected 40 solar plants or 290 MWp across 20 prefectures, making us one of the largest utility-scale solar developers in Japan," commented Dr. Shawn Qu, Chairman and CEO of Canadian Solar.
He added, "In addition to the newly awarded projects announced today, we have a robust pipeline of projects in Japan with approximately 290 MWp under development and construction and over 80 MWp in operation, which combined have a weighted average FIT of approximately ¥28 ($0.29) per kWh, significantly higher than the global average. We are confident and proud that these projects will be delivered in the near future and contribute to the country's decarbonization and energy security efforts."
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 46 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.
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; delays in the process of qualifying to list the MSS subsidiary in the PRC; 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 28, 2020. 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.