GUELPH, ON, March 8, 2021 /PRNewswire/ -- Canadian Solar
Inc. (the "Company", or "Canadian Solar") (NASDAQ: CSIQ) announced
today that it has completed the sale of two operational projects
totaling 61 MWp to Canadian Solar Infrastructure Fund ("CSIF", TSE:
9284) for JPY 30.6 billion
(approximately US$283 million).
To finance the acquisition of the 53 MWp Oita Hiji-machi and 8
MWp Miyagi Ogawara projects, CSIF recently completed an
international public offering and raised over JPY 18 billion (US$166
million) on the Tokyo Stock Exchange. Canadian Solar
participated in this transaction and continues to own approximately
15% of CSIF. Additionally, CSIF issued over JPY 19 billion (US$175
million) of long-term debt to maintain its capital
structure. These transactions affirmed CSIF as one of the largest
listed infrastructure funds in Japan with over JPY 80
billion (US$740 million) of
operational solar assets under management.
"I am pleased to report that we have surpassed $1 billion of asset sales in the Japanese solar
market, helped by significant growth in the Canadian Solar
Infrastructure Fund which Canadian Solar continues to sponsor both
as the asset manager and the largest investor. Since CSIF's listing
in October 2017, it has grown over
2.5 times and now owns 25 solar power plants totaling 184 MWp
across Japan. A few weeks ago, we
also launched the Japan Green Infrastructure Fund to accelerate the
development of new solar projects in the country. We are very
excited about the growth opportunities in this market," commented
Dr. Shawn Qu, Chairman and CEO of
Canadian Solar.
He added, "The greater scale and expanded capital base will help
our solar fund platforms to pursue attractive investment
opportunities. We see significant prospects to increase
shareholders' returns with similar capital partnership platforms
where we have secured gigawatt-scale pipelines, particularly in
Latin America and Europe."
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 19 years, Canadian Solar has
successfully delivered over 49 GW of premium-quality, solar
photovoltaic modules to customers in over 150 countries. Likewise,
since entering the project development business in 2010, Canadian
Solar has developed, built and connected over 5.7 GWp in over 20
countries across the world. Currently, the Company has over 500 MWp
of projects in operation, over 5 GWp of projects under construction
or in backlog (late-stage), and an additional 11 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.
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; delays in the process of
qualifying to list the MSS subsidiary in the PRC; 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 28, 2020. 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.