GUELPH, Ontario, Aug. 8, 2017 /PRNewswire/ -- Recurrent Energy, a
wholly owned subsidiary of Canadian Solar Inc. ("Canadian Solar")
(NASDAQ: CSIQ), today announced that Sempra Renewables LLC, a unit
of Sempra Energy (NYSE: SRE), has acquired its 200 MWac/281 MWp
Great Valley Solar project, previously called Tranquillity 8.
"We are pleased to work with a market-leading partner like
Sempra Renewables on this transaction," said Dr. Shawn Qu, chairman and chief executive officer
of Canadian Solar. "Recurrent Energy's strong portfolio of U.S.
solar assets continues to create value for our customers and
shareholders."
The Great Valley Solar project, currently under construction in
Fresno County, Calif., is located
on approximately 1,600 acres adjacent to the 200 MWac/258 MWp
Tranquillity Solar Facility. The Tranquillity facility was
completed by Recurrent Energy in late 2016 and is majority-owned by
a subsidiary of Southern Power.
The project, which is expected to be fully completed by Sempra
Renewables in the third quarter 2018, should generate enough clean
electricity to meet the energy needs of approximately 50,000 homes.
Sempra Renewables has assumed construction of the project and will
operate the facility, which is fully contracted under four
independent long-term, power purchase agreements.
About Recurrent Energy
Recurrent Energy is a leading utility-scale solar project
developer, delivering competitive, clean electricity to large
energy buyers. Based in the U.S., Recurrent Energy is a wholly
owned subsidiary of Canadian Solar Inc. and functions as Canadian
Solar's U.S. project development arm. Recurrent Energy has more
than 4 GW of solar projects in development in the U.S. Additional
details are available at: www.recurrentenergy.com.
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 16 years,
Canadian Solar has successfully delivered over 21 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 www.canadiansolar.com.
Canadian Solar's 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 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.