GUELPH, Ontario, Canada, January 30, 2018 – Recurrent Energy, a wholly owned subsidiary of Canadian Solar Inc. (“Canadian Solar”) (NASDAQ: CSIQ), today announced that Southern Power, the wholesale subsidiary of Southern Company, has acquired the 20 MWac/28 MWp Gaskell West 1 Solar Facility, located in southern California in Kern County.
“We are pleased to partner with an energy industry leader like Southern Power on this transaction,” said Dr. Shawn Qu, chairman and chief executive officer of Canadian Solar. “Recurrent Energy’s growing portfolio of U.S. solar assets continues to create value for our customers and shareholders.”
The Gaskell West 1 Solar Facility is expected to reach commercial operation in spring of 2018 and has a long-term power purchase agreement with Southern California Edison. The project represents Southern Power and Recurrent Energy’s fourth transaction.
This project uses Canadian Solar’s MaxPower 1500-volt polycrystalline CS6U-P modules, which deliver excellent module efficiency and performance in a variety of conditions. The project is currently under construction and is expected to create over 200 peak construction jobs.
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 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 16 years, Canadian Solar has successfully delivered over 25 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.
Canadian Solar Safe Harbor/Forward-Looking Statements
Certain statements in this press release regarding the Company’s expected future shipment volumes, gross margins, and its ability to receive the required government approvals for the sale of six solar power projects in California, 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.
Canadian Solar Inc. Contacts
Mary Ma
Senior Supervisor, Investor Relations
Canadian Solar Inc.
[email protected]
David Pasquale
Global IR Partners
Tel: +1-914-337-8801
[email protected]
Recurrent Energy Media Relations
Kelley Vendeland
Director, Marketing and Communications
Tel: +1-415-501-9536
[email protected]
