UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16 UNDER
THE SECURITIES EXCHANGE ACT OF 1934
For the month of October 2024
Commission File Number: 001-33107
CANADIAN
SOLAR INC.
545 Speedvale Avenue West, Guelph,
Ontario, Canada N1K 1E6
(Address of principal executive office)
Indicate by check mark whether the registrant files or will file annual
reports under cover of Form 20-F or Form 40-F.
Form 20-F x
Form 40-F ¨
CANADIAN SOLAR INC.
Form 6-K
TABLE OF CONTENTS
Signature
Exhibit Index
Exhibit 99.1
SIGNATURE
Pursuant to the requirements of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
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CANADIAN SOLAR INC. |
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By: |
/s/Shawn (Xiaohua) Qu |
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Name: |
Shawn (Xiaohua) Qu |
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Title: |
Chairman and Chief Executive Officer |
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Date: October 3, 2024 |
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EXHIBIT INDEX
Exhibit 99.1 — Recurrent Energy Announces Closing of $500 Million Investment from BlackRock
Exhibit 99.1
Recurrent
Energy Announces Closing of $500 Million Investment from BlackRock
NEW YORK and GUELPH, ONTARIO, October 3,
2024 – Recurrent Energy, a subsidiary of Canadian Solar Inc. (“Canadian Solar”) (NASDAQ: CSIQ) and
a global developer, owner, and operator of solar and energy storage assets, announced today the final closing of a $500 million investment
in Recurrent Energy by BlackRock through a fund managed by its Climate Infrastructure business ("BlackRock").
The transaction, announced in January 2024,
has been completed following the receipt of the second and final payment. The first payment took place in June 2024. As agreed between
the parties, BlackRock's total investment has reached $500 million, representing 20% of the outstanding fully diluted shares of Recurrent
Energy on an as-converted basis. Canadian Solar will continue to own the remaining majority shares of Recurrent Energy.
This milestone enables Recurrent Energy to advance
investment in its high value project development portfolio, supporting its strategic transition from a pure developer to a developer
plus long-term owner and operator in select markets including the U.S. and Europe. This transition will allow Recurrent Energy to generate
more stable long-term revenue in low-risk currencies and capture greater value from its diversified global project development pipeline.
Recurrent Energy is one of the world's largest
clean energy project development platforms with a strong and established track record, having developed, built, and connected over 11
gigawatts (GWp) of operating utility-scale solar projects and 3.7 gigawatt hours (GWh) of energy storage projects across six continents
since 2009.
Ismael Guerrero, CEO of Recurrent Energy,
said, “We value our partnership with BlackRock and appreciate their commitment. This strategic partnership positions Recurrent Energy
at the forefront of the renewable energy industry, providing the financial strength necessary to continue developing key solar and energy
storage projects globally, while also supporting our mission to deliver clean, reliable, and affordable power to the world, today and
tomorrow.”
David Giordano, Global Head of Climate Infrastructure,
BlackRock, added, "With this investment from BlackRock’s Climate Infrastructure Global Renewable Power Fund IV, Recurrent
Energy is well-positioned to accelerate the growth of its solar and battery storage projects at utility scale in critical, fast-growing
markets. We are eager to collaborate, contributing our expertise to shape a top global independent power producer.”
For more information, please refer to Form 6-K
filed with the Securities and Exchange Commission on January 23, 2024 regarding this investment in connection with the initial transaction
announcement.
***
About Recurrent Energy:
Recurrent Energy is one of the world’s largest
and most geographically diversified utility-scale solar and energy storage project development, ownership and operations platforms. With
an industry-leading team of in-house energy experts, Recurrent Energy is a wholly owned subsidiary of Canadian Solar Inc. and function
as Canadian Solar’s global development and power services business. Recurrent Energy has completed the development of 11 gigawatts
(GWp) of operating utility-scale solar projects and 3.7 gigawatt hours (GWh) of energy storage projects across six continents. Recurrent
Energy has more than 26 GWp of solar and 56 GWh of battery storage projects under development.
About Canadian Solar:
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 energy storage solutions, and developer of utility-scale solar power and battery energy storage
projects with a geographically diversified pipeline in various stages of development. Over the past 23 years, Canadian Solar has
successfully delivered over 133 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 approximately 11 GWp of solar
power projects and 3.7 GWh of battery energy storage projects across the world. Currently, the Company has approximately 1.6 GWp of solar
power projects in operation, 6.5 GWp of projects under construction or in backlog (late-stage), and an additional 20.9 GWp of projects
in advanced and early-stage pipeline. In addition, the Company has 1 GWh of battery energy storage projects in operation and a total
battery energy storage project development pipeline of around 63 GWh, including approximately 8.5 GWh under construction or in backlog,
and an additional 54.3 GWh at advanced and early-stage development. 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, regulatory and economic conditions and the state of the solar power and battery energy storage market and industry;
geopolitical tensions and conflicts, including impasses, sanctions and export controls; volatility, uncertainty, delays and disruptions
related to global pandemics; supply chain disruptions; governmental support for the deployment of solar power and battery energy storage;
future available supplies of silicon, solar wafers and lithium cells; 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 China,
the U.S., Europe, Brazil and Japan; 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; the pipeline of projects and timelines related to them; the ability of the parties to optimize value of that pipeline;
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; 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 26, 2024. 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
Wina Huang
Investor Relations
Canadian Solar Inc.
investor@canadiansolar.com
Recurrent Energy Media Contact
Inés Arrimadas
Recurrent Energy
comms@recurrentenergy.com
BlackRock
Christopher Beattie
646-231-8518
christopher.beattie@blackrock.com
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