GUELPH, Ontario, Dec. 23, 2015 /PRNewswire/ -- 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., completed the
sale of its 10 MW AC EarthLight LP ("Earthlight") to One West Holdings
Ltd., an affiliate of Concord Green Energy Inc. ("Concord").
The plant,
valued at over CAD$69.4 Million(USD$49.7 Million), is located in
Georgina, Ontario and consists of approximately 45,648 Canadian Solar
MaxPower CS6X-300/310P PV modules.BowMont Capital and Advisory acted as financial advisor to Concord on this transaction. This solar power plant will generate significant environmental benefits. The
amount of clean solar energy that the Earthlight plant will generate is
estimated at 17,892 MWh per year and 344,697 MWh over 20 years. The
amount of carbon dioxide that will be displaced during the system's 20
year lifetime is approximately 237,686 metric tons, equivalent to taking
approximately 50,000 cars off the road for one year.
Cliff McCracken, Senior Vice-President at Concord,
remarked, "This is the fifth plant we have purchased from Canadian
Solar in the past year and a half for a total installed capacity of 49
MW. We look forward to this to further complement our portfolio of green
energy producing projects across Canada."
Dr. Shawn Qu, Chairman and Chief Executive Officer
of Canadian Solar, commented, "We are pleased to deliver a fifth solar
power plant to Concord Green Energy, and we thank them for their mutual
partnership and shared belief in making a difference to the environment
in Canada. Not only will Earthlight create additional green jobs, it will also provide sustainable clean solar energy to all people of Ontario."
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 a provider of solar
energy solutions, Canadian Solar has a geographically diversified
pipeline of utility-scale power projects. In the past 14 years, Canadian
Solar has successfully deployed over 12 GW of premium quality modules
in over 70 countries around the world. Furthermore, Canadian Solar is
one of the most bankable companies in the solar industry, having been
publically listed on NASDAQ since 2006. For additional information about
the company, follow Canadian Solar on Facebook, Twitter, LinkedIn, or on the website.
About Concord Pacific and Concord Green Energy Inc.
Concord Pacific created Concord Green Energy to
explore and support a variety of zero carbon energy producing projects
of scale. Planning for infrastructure needs and requirements of
Canadians has always been a cornerstone to Canada's first urban
master-planned community builder,Concord Pacific. Energy considerations
and solutions will be significant to success to sustainable communities
of the future. Concord Green Energy has projects at various stages of
planning, development, and operation across Canada. Some projects of
note include: Red Lily I in Saskatchewan, ROR Project in BC, and a
consolidation of solar farms in Ontario. For more information, visit www.concordpacific.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 the 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 Germany, Japan, the U.S. 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;
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 23, 2015. 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.
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/canadian-solar-completes-sale-of-earthlight-solar-power-plant-to-concord-green-energy-300196763.html
SOURCE Canadian Solar Inc.
Investors: Ed Job, CFA, Director, Investor Relations,
Canadian Solar Inc., investors@canadiansolar.com; David Pasquale,
Global IR Partners, +1-914-337-8801, csiq@globalirpartners.com; Media
Inquiries: Suzanne Wilson, Marketing, Canada, 519-497-9769,
Suzanne.Wilson@canadiansolar.com; Audrey Lin, Marketing, United States,
1-888-998-7739, Audrey.Lin@canadiansolar.com
http://buyersguide.renewableenergyworld.com/canadian-solar-inc-59170/pressrelease/canadian-solar-completes-sale-of-earthlight-solar-power-plant-to-concord-green-energy.html
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