GUELPH, Ontario, May 15, 2018 /PRNewswire/ -- Canadian Solar Inc.,
(the "Company", or "Canadian Solar") (NASDAQ:CSIQ), one of the
world's largest solar power companies, today announced that its 35
MWp commercial and industrial (C&I) solar portfolio in the
state of Karnataka, India reached
commercial operation in March
2018.
The 35 MWp project is located in Bagalkot District of Karnataka
and is expected to generate approximately 54,000 MWh of clean solar
power every year. This project provides clean electricity to
off-takers from the education, healthcare, cement, and auto parts
industries through 25-year power purchase agreements (PPAs), in
line with the Open Access regulations of Karnataka. Concurrent with
this milestone, Canadian Solar has completed its financing of
INR1.0 billion (US$16.0 million) for
the C&I portfolio with Tata Cleantech Capital Limited.
"We are delighted to launch our first C&I solar portfolio in
India which creates sustainable
value for our customers. Local businesses can benefit from clean
solar energy while mitigating rising electricity costs," commented
Dr. Shawn Qu, Chairman and Chief
Executive Officer. "Canadian Solar provides strong development,
technical, and financing solutions that assist businesses in their
switch to clean renewable energy."
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 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 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 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; delays in
the completion of project sales; 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 27, 2017. 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.