Canadian Solar Signs 500 MW Module Supply Contract for Projects in Spain
GUELPH, Ontario, June 6, 2019 /PRNewswire/ -- Canadian Solar Inc. (the "Company", or "Canadian Solar") (NASDAQ: CSIQ), one of the world's largest solar power companies, today announced that it has signed a module contract with the global solar power company Solarcentury to supply 500 MW modules to Solarcentury's two projects 'Cabrera' (200 MW) and 'Talayuela Solar' (300 MW) in Spain.
The construction for the 200 MW Cabrera project is scheduled to begin in the summer of 2019 in Alcalá de Guadaira, the Spanish region of Seville and it is expected to be connected to the grid in 2020. Once operational, the plant will produce enough electricity to power 105,000 households in the region.
The 300 MW Talayuela Solar project is scheduled to start construction later in 2019 in the Extremadura region of Talayuela in Spain and will be connected to the grid in 2020. It is expected to be one of the largest solar power plants in Europe, which will produce enough electricity to meet the needs of more than 150,000 homes.
A total of approximately 1.4 million Canadian Solar's high efficiency CS3U-P KuMax Modules will be used for both projects. This 144-cell polycrystalline module is the best solution for these two large-scale projects, as it offers industry-leading cell technology and low power loss in cell connections, which are the key factors for the success of the projects.
Dr. Shawn Qu, Chairman of Canadian Solar, commented, 'We are very proud to partner with Solarcentury in one of the largest solar power projects in Europe, which is set to be built without subsidy in the country. This partnership further expands our presence and competitive position in this region.'
Steven Taylor, Global Operations Director of Solarcentury said, "Solarcentury's purpose is to make a meaningful difference in the fight against climate chaos. Due to the sheer quantity of renewable electricity these subsidy-free projects will generate, they are a highly significant milestone in realizing our vision. With Canadian Solar we have a bankable and industry-proven partner with high quality standards, which is essential for all our solar projects be they large or small".
About Canadian Solar Inc.
Canadian Solar was founded in 2001 in Canada and is one of the world's largest and foremost 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 power projects in various stages of development. Over the past 18 years, Canadian Solar has successfully delivered over 34 GW of premium quality modules to customers in over 150 countries around the world. 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.
Canadian Solar's 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.
About Solarcentury
Established in 1998, Solarcentury is a global integrated solar power company, and a leader in the development and operation of solar projects and smart energy technology at all scales, across Europe, Latin America and Africa.
Independent and headquartered in the UK, Solarcentury is known internationally for developing and building some of the largest solar farms in the UK, Netherlands, Spain, Kenya and Mexico, as well as other pioneering projects including the world's first solar bridge at Blackfriars Station in Central London and IKEA's residential solar offer in Europe.
Solarcentury was named the fastest growing privately-owned renewable energy company in the UK in June 2017 and ranked 22nd in The Sunday Times HSBC International Track 200, which recognises the UK's mid-market private companies with the fastest-growing international sales.
Solarcentury's mission is to make solar power mainstream. From homes and commercial rooftops to utility-scale, Solarcentury is making a meaningful difference in the fight against climate change by increasing the accessibility and production of solar power across the world. Over the past 20 years, Solarcentury's solar projects have generated over 3.5 billion kWh of clean electricity and saved over 1.5 million tonnes of CO2 emissions from entering the atmosphere.
In 2006, Solarcentury established SolarAid, a charity which aims to combat climate change and poverty in the developing world by providing access to solar lights, while helping to eradicate the use of kerosene lamps in Kenya, Malawi, Uganda and Zambia. Solarcentury donates 5% of its net profits to SolarAid, which to date has enabled more than 10 million people across Africa to access safe, clean and sustainable solar light power.
Find more information on the company at www.solarcentury.com.
SOURCE Canadian Solar Inc.
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