GUELPH,
ON, June 6, 2022 /PRNewswire/ -- Canadian
Solar Inc. ("Canadian Solar" or the "Company") (NASDAQ: CSIQ),
today announced it signed an agreement with SPIC Brasil, a leading
power generation company in Brazil, to sell 70% stake in the Company's 738
MWp solar projects, Marangatu and Panati-Sitia.
The Marangatu and Panati-Sitiá projects, 446 MWp and 292 MWp
each in size, are located in Piauí and Ceará, the Northeastern
states of Brazil, covering an area
of 2,200 hectares. Both projects are at advanced stage of
development and are expected to begin construction in late 2022 and
reach commercial operation in late 2023.
Once in operation, Marangatu and Panati-Sitiá are expected to be
two of the largest solar power plants in Brazil and the clean electricity generated
will be equivalent to powering over 900,000 households in
Brazil annually. Around 75% of
Marangatu and Panati-Sitiá's assured energy is already committed
through long-term PPAs (power purchase agreements), and the
remaining will be sold in the free market.
Dr. Shawn Qu, Canadian
Solar Chairman and CEO, commented, "We are pleased to partner
with SPIC Brasil in this transaction for the Marangatu and
Panati-Sitiá projects, which will meaningfully contribute towards
Brazil's goal of obtaining 23% of
its energy from non-hydro renewable energy sources by 2030. With
the completion of this sale, Canadian Solar will have successfully
monetized 2.3 GWp of utility-scale solar projects in Brazil. We will continue to execute and
monetize our remaining backlog of 1.6 GWp of high-quality,
contracted solar projects in Brazil. Canadian Solar is a leader in the
Brazilian market, and we will expand our leadership across more
Latin American markets, including Colombia and Chile".
Adriana Waltrick, CEO of SPIC
Brasil, provided the following comment, "We know that
solar energy is a fundamental source for the energy transition
towards a low carbon economy. SPIC group already has an extensive
experience in implementing solar projects, being one of the main
competitors in the sector worldwide. This acquisition marks the
company's first solar investment in Brazil and the partnership with Canadian Solar
is strategic, given Canadian Solar's experience and pioneering
spirit on solar projects implementation and manufacturing."
The closing of this transaction depends, among other precedent
conditions customary for this kind of deal, on the approval of the
competent anti-trust regulatory agencies.
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 20 years, Canadian Solar has
successfully delivered over 71 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 6.6 GWp in over
20 countries across the world. Currently, the Company has around
800 MWp of solar projects in operation, 5.3 GWp of projects under
construction or in backlog (late-stage), and an additional 18.5 GWp
of projects in pipeline (mid- to early- stage). 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.
About SPIC Brasil
SPIC Brasil is a company that invests in safe energy generation
with respect for the communities where it operates, enhancing
energy throughout the country. It invests in innovation, generation
and solutions focused on renewable sources and contribute to the
energy transition, guided by a commitment to people and the
environment. Globally, the Group has US$
202.3 billion assets and a total installed capacity of 187
GW. With assets totaling more than 3 GW in Brazil, the company operates the São Simão
Hydroelectric Power Plant, on the border between the states of
Minas Gerais and Goiás; two wind farms in Paraíba – Millennium and
Vale dos Ventos – and has a stake in the largest natural gas
complex in Latin America, the GNA
(Gás Natural Açu), in São João da Barra (RJ). It employs more than
235 professionals located in São Paulo (SP), Natal (RN), São Simão
(GO) and Mataraca (PB). For more information, access the SPIC
Brasil Annual Report available at www.spicbrasil.com.br.
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 India; 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
28, 2022. 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. Investor Relations Contacts
Isabel Zhang
Investor Relations
Canadian Solar Inc.
investor@canadiansolar.com
David Pasquale
Global IR Partners
Tel: +1-914-337-8801
csiq@globalirpartners.com
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SOURCE Canadian Solar Inc.