GUELPH, Ontario, Nov. 6, 2014 /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 won 3 solar photovoltaic (PV) projects totaling 114 megawatts (MW) In Vazante, in the state in Minas Gerais in Brazil. Canadian Solar, in partnership with Solatio, will develop, build and own the solar power plants which, once connected to the grid, will sell the electricity generated to the Agencia Nacional de Energia Eletrica, a Brazilian government entity, under a 20-year Power Purchase Agreement at R$216.12/MWh ($86.42/MWh).
"We entered the utility scale project development business to differentiate our business model, expand and stabilize our profit margins over the business cycle. We have since successfully leveraged our experience in Canada to expand our project business in key geographies. This win in Brazil is a testament to the strength of our project development capabilities, and positions us well to participate in the growth in demand for solar energy across the globe," commented Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar.
"We are convinced that in order to be successful in such a demanding market as the energy sector in Brazil, it is absolutely mandatory to have profound local knowledge of the industry and the country as well as high-quality project developments, concepts on which Solatio has based its work from the very beginning in Brazil,'' commented Pedro Vaquer, Solatio partner. "Undoubtedly, a collaboration agreement with a sound international player as Canadian Solar translates into the perfect combination for the success of our projects," added Antonio Rodriguez, Solatio partner.
Solatio has pioneered PV project development in Brazil for years when PV technology was still unknown in the country, having applied strong efforts aimed at transferring know-how to the Brazilian society at all levels, hence favouring PV project development leadership for Solatio (with over 1300 MW pre-qualified by EPE to participate in Brazilian auctions and 100% qualification ratio for registered projects).
About Canadian Solar Inc.
Founded in 2001 in Ontario, 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 has an industry leading and geographically diversified pipeline of utility-scale solar power projects as well as a track record of successful solar deployment boasting over 7 GW of premium quality modules installed in over 70 countries during the past decade. Canadian Solar is committed to providing high-quality solar products and solar energy solutions to customers around the world. For more information about our company, products and projects please 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 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 solar grade silicon; demand for solar 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 price; 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; utility-scale project construction delays; utility-scale project cancelation due to failure to obtain all the necessary permits; shortage in supply of materials or capacity requirements; availability of financing; exchange rate fluctuations; trade protectionism in Europe, the U.S. and India; litigation and other risks as described in the Company's SEC filings, including its annual report on Form 20-F filed on April 28, 2014. 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. 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.