GUELPH, Ontario, May 14, 2018 /PRNewswire/ -- Canadian Solar Inc.
(the "Company", or "Canadian Solar") (NASDAQ: CSIQ), one of the
world's largest solar power companies, today announced it has
acquired exclusive rights to develop an 8 MWp solar photovoltaic
(PV) project in Gangwon Province, South
Korea, the Company's first solar project there. The
construction of this project will start in early 2019.
The South Korea solar market is
not new to Canadian Solar. In 2008, Canadian Solar Korea Branch was
established. Since then, Canadian Solar has kept the No.1 position
in Korea PV market among foreign module makers for 10 years in a
row.
"We are excited to further expand our global project development
business to South Korea," Dr. Shawn
Qu, Chairman and Chief Executive Officer of Canadian Solar
commented. "The Korean Government
has recently increased its solar capacity installation target to
36.5 gigawatts from 5.7 gigawatts in order to generate 20% of
electricity from renewable energy sources by 2030. With our high
efficiency and high quality module supply capabilities and global
solar project development experience, Canadian Solar is ready to
support our Korean partners and customers to meet their 2030 solar
energy target."
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 various stages of development. In the past 17 years,
Canadian Solar has successfully delivered over 26 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 publically listed on NASDAQ
since 2006. For additional information about the Company, follow
Canadian Solar on LinkedIn or visit
http://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 26, 2018. 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.
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SOURCE Canadian Solar Inc.