Guelph, Ontario/Canada, Rio de Janeiro, Brazil and Paris, France, August 10, 2017 – Canadian Solar Inc. (hereinafter “the Company” or “Canadian Solar”) (NASDAQ: CSIQ), one of the major players in the production of solar energy in the world, and EDF Énergies Nouvelles, one of the leaders on the global energy market renewables, today announced the conclusion of a partnership concerning the sale by Canadian Solar of 80 % of the Pirapora III photovoltaic project (92.5 MWp) to EDF EN do Brasil, local subsidiary of EDF Énergies Nouvelles. The project is currently in the construction phase and is scheduled to be commissioned in the fourth quarter of 2017. Canadian Solar produces the project modules within its factory, with an annual capacity of 380 MWp, established in Brazil to support the local market. EDF EN do Brasil is in charge of the construction and operation of the project.
EDF EN do Brasil had previously acquired 80 % of Canadian Solar's shares in the Pirapora I (191.5 MWp) and Pirapora II (115 MWp) projects. The three projects are in the same area and will constitute, when they are commissioned in 2018, the most powerful photovoltaic installation in Latin America with a total capacity of around 400MWp. These three projects will benefit from common operations and maintenance facilities and services.
Located in the state of Minas Gerais in Brazil, the Pirapora III project benefits from a 20-year power purchase agreement (PPA), awarded as part of the Federal Reserve Auction of 2014.
With an annual electricity production of 188 GWh, the project will contribute to the country's objective of generating 23% of its electricity from renewable energy sources (excluding hydro) by 2030.
“We are proud to work with EDF Energies Nouvelles to carry out a third project in Brazil. We are now associated for the realization of all of our projects in the country, all three benefiting from long-term PPAs and reaching a cumulative power of nearly 400 MWp. We are very attached to this strategic partnership with EDF EN and hope to perpetuate this collaboration as part of the expansion of our portfolio of photovoltaic projects internationally,” declared Shawn Qu, President and CEO of Canadian Solar.
Antoine Cahuzac, Executive Director of the EDF Group, in charge of Renewable Energies and Managing Director of EDF Energies Nouvelles, added: “This acquisition is further testimony to our development ambition in Brazil, a key market for the EDF Group. It constitutes a new contribution to the EDF Group's strategic plan, CAP 2030, which aims to double the Group's renewable energy production capacities in France and abroad by 2030.
About Canadian Solar Inc.
Founded in 2001 in Canada, Canadian Solar is one of the major players in solar energy on a global scale. A leading manufacturer of photovoltaic modules and provider of solutions for solar energy production, Canadian Solar has a diversified portfolio of commercial-scale projects in development, which are at different stages of development. In 16 years, Canadian Solar has delivered more than 21 GW of premium modules to customers in more than 100 countries. The company, listed on NASDAQ since 2006, is also one of the most profitable and financially stable in the sector. To learn more about Canadian Solar, log on to its page LinkedIn or to the site www.canadiansolar.com.
Canadian Solar Disclaimer/Forward-Looking Statements
Certain statements in this press release concerning production forecasts, gross margin, commercial prospects and future annual or quarterly results of the Company, in particular emanating from its management and the mentions appearing under the heading “Commercial outlook”, constitute forward-looking statements which involve a number of risks and uncertainties because of which the figures actually published may prove to be materially different. These statements are within the scope of the disclaimer provisions of United States law. Private Securities Litigation Reform Act of 1995. Forward-looking statements can sometimes be identified by the use of verbs such as "believe", "expect", "anticipate", "forecast", "estimate", with or without a negative, or other similar terms. Factors that could cause actual figures to differ from estimates include general business and economic conditions, the situation in the solar energy sector, state aid for the development of this sector, future deliveries of silicon ultra-pure, end-consumer demand and stock levels of the relevant products in the supply chain, changes in demand from certain large customers or important markets such as Japan, the United States, India or China, a change in the structure of customer orders, a reorganization of the mix products, capacity utilization rate, degree of competition, pressure on prices and falling sales prices, delays in launching new products, delays in obtaining the agreements required for large-scale projects commercial or delays in construction sites for such projects, the sustainability of the success of technological innovations and the delivery of products adapted to consumer demand, the shortage of basic materials or production capacities, obtaining financing, exchange rate fluctuations, litigation and other risks as described in the documents submitted to the SEC by the Company, including its annual report (form 20-F filing of April 27, 2017). Although the Company considers the estimates contained in its forward-looking statements to be reasonable, it cannot guarantee future results, level of activity, performance or achievements. Investors are cautioned not to place undue reliance on these forward-looking statements. All information in this press release is as of the current date, unless otherwise stated, and Canadian Solar makes no obligation to update it, unless required by applicable law.
Canadian Solar Inc.: contacts
Investors:
Mary Ma: ▪Senior Supervisor, Investor Relations ▪ Canadian Solar Inc. ▪investor@canadiansolar.com
David Pasquale: ▪Global IR Partners ▪+1-914-337-8801 ▪csiq@globalirpartners.com
About EDF Energies Nouvelles
EDF Energies Nouvelles is an international leader in renewable electricity with an installed capacity of more than 10 GW gross worldwide. Its development is mainly focused on wind power and photovoltaic solar power. Mainly present in Europe and North America, EDF EN continues its development by taking a position in new promising markets and in new countries such as South Africa, Brazil, Chile, China and India. The Company, which is strongly positioned in the offshore wind sector, is also present in other renewable energy sectors: marine energies, distributed energies as well as energy storage. EDF EN ensures the development and construction of renewable energy projects as well as their operation and maintenance, for its own account and on behalf of third parties. EDF Energies Nouvelles is the subsidiary of the EDF group dedicated to the development of renewable energies. For more information: www.edf-energies-nouvelles.com
Consult www.edf-energies-nouvelles.com
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PRESS CONTACTS:
Manon of Cassini-Hérail: ▪ tel. : +33 (0)1 40 90 48 22 ▪ email: manon.decassini-herail@edf-en.com
Clarisse Placidoux: ▪ tel. : +33 (0)1 40 90 49 46 ▪ email: clarisse.placidoux@edf-en.com