GUELPH, Ontario, April 26, 2017 /PRNewswire/ -- Canadian Solar Inc. (the "Company", or "Canadian Solar") (NASDAQ: CSIQ), one of the world's largest solar power companies, today announced that the company has supplied 10 MW of PV Modules to Soroti Photovoltaic Plant in Uganda. The project is the largest of its kind in East Africa and was officially inaugurated at the end of 2016.
The Soroti plant consists of 32,000 pieces of Canadian Solar high-efficiency poly panels. This is the first solar plant connected to the country's grid and is also the first in the east of Africa. The 10 MW solar system generates clean, low-carbon electricity for 40,000 homes, schools and businesses in the area.
The project was developed in 2016 under the Global Energy Transfer cooperation program - Feed in Tariff ("GET FiT"), a support scheme for the development of renewable energy projects in East Africa managed by the German Development Bank (KfW). The project was executed by TSK (Spain), one of the most important solar EPC contractors worldwide, with more than 1,500 MW installed.
"We are happy to be part of the energy transition on the African continent. Africa is one of the best places on earth for solar energy. At the same time, we hope the solar energy development there will also stimulate the economy and create jobs locally," Commented by Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar.
TSK is a global Company that specializes in the execution of complex projects at an international level, providing its own technology for different sectors in industry such as electrical infrastructures, industrial plants, energy generation power plants (conventional and renewable), Oil & Gas, water treatment plants or installations for handling and storage of raw materials. In 2016, TSK reaches a turnover of 900 million Euros, with more than 1,000 professionals and international presence in more than 35 countries. www.grupotsk.com
About Canadian Solar Inc.
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 provider of solar energy solutions, Canadian Solar also has a geographically diversified pipeline of utility-scale power projects in various stages of development. In the past 16 years, Canadian Solar has successfully delivered over 20 GW of premium quality modules to over 100 countries around the world. Furthermore, 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 regarding the Company's expected future shipment volumes, gross margins, business prospects and future results, 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; cancelation of utility-scale feed-in-tariff contracts in Japan; 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 20, 2016. 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.