GUELPH, Ontario, and MEXICO CITY: Canadian Solar Inc. (the “Company”, or “Canadian Solar”) (NASDAQ: CSIQ), one of the world’s largest solar power companies, today announced it has completed the sale of its 68 MWp Aguascalientes solar project in Mexico to BlackRock Infrastructure Fund II.
Canadian Solar developed, arranged construction and long-term project financing, built and energized the project in January 2019. Powered by 200,000 Canadian Solar high-efficiency poly modules CS6U-P, the solar power plant is expected to generate 145 GWh of electricity annually, enough to power 20,690 households and offset 72,700 tons of carbon dioxide emission each year. The electricity generated will be sold under a 15-year power purchase agreement for energy and capacity, and 20-year for Clean Energy Certificates with Mexico’s state-owned utility. Canadian Solar will provide operations and maintenance services to the plant, starting in the third year of operations.
Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar commented, “The Aguascalientes project demonstrated Canadian Solar’s capabilities to take a utility-scale solar project through the full cycle of development, PPA award, financing, construction and sale, and it further strengthened our leading position in the solar energy market in Mexico. We have a remaining pipeline of more than 600 MWp of solar projects in the country at various stages of development, including 368 MWp with awarded power purchase agreements. We are very glad to have partnered again with a leading global investor such as BlackRock, following the sale of three Canadian Solar projects in Ontario to BlackRock in 2014.”
“This acquisition reflects BlackRock’s commitment to investing in Mexican infrastructure, on behalf of our clients, as well as the firm’s focus on renewable energy projects globally, having supported over 250 wind and solar projects,” said Juan Alberto Leautaud, Head of BlackRock’sMexico Infrastructure Investment Group.
About Canadian Solar Inc.
Canadian Solar was founded in 2001 in Canada and is one of the world’s largest and foremost solar power companies. It is a leading manufacturer of solar photovoltaic modules and provider of solar energy solutions and has a geographically diversified pipeline of utility-scale power projects in various stages of development. Over the past 18 years, Canadian Solar has successfully delivered over 32 GW of premium quality modules to customers in over 150 countries around the world. 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.
Canadian Solar’s 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 25, 2019. 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.