GUELPH,
ON, Sept. 28, 2023 /PRNewswire/
-- Canadian Solar Inc. (the "Company", or "Canadian Solar")
(NASDAQ: CSIQ) today announced that it has completed the sale of
its 17.5 MWp Hiroshima Suzuhari operational project located in
Hiroshima prefecture, to a private
Japanese fund. The project had been owned by the Japan Green
Infrastructure Fund ("JGIF") since 2021 and was financed through
the issuance of a Green Project Bond with an investment grade
rating. Importantly, it was certified with the highest Green 1
rating under the Japanese Green Bond guidelines. With this
transaction, all projects acquired by JGIF will have been
successfully sold in accordance with its business plan.
Canadian Solar expects to recognize the revenue from the
transaction in the third quarter of 2023. Recurrent Energy's local
subsidiary will continue to provide long-term operations and
maintenance services for the plant after the transaction.
The Hiroshima Suzuhari solar project started commercial
operation in Q2 2022. The project is Recurrent Energy's first
project that was awarded feed-in-tariff ("FIT") through the
inaugural solar auction program launched in Japan in Q4 2017. The project is powered with
over 42,500 Canadian Solar high efficiency HiKu modules and
the clean energy generated is being purchased by the Chugoku
Electric Power Transmission & Distribution Co., Inc. at
JPY17.97 (US$0.12) per kWh under Japan's FIT program for the remaining tenor of
17.5 years.
Ismael Guerrero, President and
CEO of Recurrent Energy commented, "We are excited to announce
the completion of the sale of our Hiroshima Suzuhari project
through JGIF. Since we applied for Japan's first FIT auction back in 2017, our
team demonstrated resilience and professionalism overcoming various
challenges at different stages of the development cycle. The
dedication by everyone in the team allowed us to develop the
project from a piece of abandoned land to what it is today. This is
another example of Recurrent Energy's strong execution capabilities
in the global project development business. We will strive to build
more PV and storage projects all over Japan, in order to deliver clean and
sustainable energy to the country."
About Canadian Solar Inc.
Canadian Solar was
founded in 2001 in Canada and is
one of the world's largest solar technology and renewable energy
companies. It is a leading manufacturer of solar photovoltaic
modules, provider of solar energy and battery storage solutions,
and developer of utility-scale solar power and battery storage
projects with a geographically diversified pipeline in various
stages of development. Over the past 22 years, Canadian Solar has
successfully delivered over 102 GW of premium-quality, solar
photovoltaic modules to customers across the world. Likewise, since
entering the project development business in 2010, Canadian Solar
has developed, built, and connected over 9 GWp of solar power
projects and over 3 GWh of battery storage projects across the
world. Currently, the Company has approximately 700 MWp of solar
power projects in operation, 8 GWp of projects under construction
or in backlog (late-stage), and an additional 17 GWp of projects in
advanced and early-stage pipeline. In addition, the Company has a
total battery storage project development pipeline of 52 GWh,
including approximately 2 GWh under construction or in backlog, and
an additional 50 GWh at advanced and early-stage development.
Canadian Solar is one of the most bankable companies in the solar
and renewable energy industry, having been publicly listed on the
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, regulatory
and economic conditions and the state of the solar and battery
storage market and industry; geopolitical tensions and conflicts,
including impasses, sanctions and export controls; volatility,
uncertainty, delays and disruptions related to the COVID-19
pandemic; supply chain disruptions; 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., China, Brazil and Europe;
changes in effective tax rates; changes in customer order patterns;
changes in product mix; changes in corporate responsibility,
especially environmental, social and governance ("ESG")
requirements; capacity utilization; level of competition; pricing
pressure and declines in or failure to timely adjust 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 that customers demand; shortage in
supply of materials or capacity requirements; availability of
financing; exchange and inflation rate fluctuations; uncertainties
related to the CSI Solar carve-out listing; litigation and
other risks as described in the Company's filings with the
Securities and Exchange Commission, including its annual report on
Form 20-F filed on April 18, 2023.
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.
Canadian Solar Inc. Contacts
Isabel Zhang
|
David
Pasquale
|
Investor
Relations
|
Global IR
Partners
|
Canadian Solar
Inc.
|
Tel:
+1-914-337-8801
|
investor@canadiansolar.com
|
csiq@globalirpartners.com
|
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SOURCE Canadian Solar Inc.