GUELPH, Ontario, December 16, 2014 /PRNewswire/ — Canadian Solar Inc. (the "Company", or "Canadian Solar") (NASDAQ: CSIQ), one of the world’s largest solar power companies, today announced that its wholly owned subsidiary, Canadian Solar Solutions Inc., completed the sale of the 10 MW AC RayLight solar power plant ("RayLight") valued at over C$65 million (USD$56 million) to One West Holdings Ltd., an affiliate of Concord Green Energy Inc. ("Concord"). The RayLight 10 MW AC solar power plant is located in the Township of Tay, Ontario and uses Canadian Solar’s MaxPower CS6X-300/305P panels made in Canada. BowMont Capital and Advisory acted as financial advisor to Concord on the transaction.
"The RayLight solar project acquisition is a continuation of our investments in the Canadian renewable energy sector. We firmly believe that the demand for clean and sustainable green energy will continue to increase and that solar technologies will play a key role in satisfying that demand," remarked Cliff McCracken, Senior Vice President of Concord Pacific.
Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar, commented, "We are pleased to complete the sale and transfer of this utility-scale solar project to Concord Green Energy. As the third of five projects executed under our sales agreement with Concord, we are particularly excited with our successful cooperation with Concord, and we look forward to providing the operations and maintenance for their solar energy investment opportunities within Ontario, while fulfilling our corporate mission of creating sustainable communities."
About Canadian Solar Inc.
Founded in 2001 in Ontario, 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 has an industry leading and geographically diversified pipeline of utility-scale solar power projects as well as a track record of successful solar deployment boasting over 8 GW of premium quality modules installed in over 70 countries during the past decade. Canadian Solar is committed to providing high-quality solar products and solar energy solutions to customers around the world. For more information about our company, products and projects please visit www.canadiansolar.com.
About Concord Pacific and Concord Green Energy Inc.
Concord Pacific created Concord Green Energy to explore and support a variety of zero carbon energy producing projects of scale. Planning for infrastructure needs and requirements of Canadians has always been a cornerstone to Canada’s first urban master-planned community builder, Concord Pacific. Energy considerations and solutions will be significant to success of sustainable communities of the future. Concord Green Energy has projects at various stages of planning, development, and operation across Canada. Some projects of note include: Red Lily I in Saskatchewan, ROR Project in BC, and a consolidation of solar farms in Ontario. For more information, visit www.concordpacific.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 the risks regarding general business and economic conditions and the state of the solar industry; governmental support for the deployment of solar power; future available supplies of solar grade silicon; demand for solar products by consumers and inventory levels of such products in the supply chain; changes in demand from significant customers; changes in demand in our project markets, including Canada, the U.S., Japan and China; changes in customer order patterns; capacity utilization; level of competition; pricing pressure and declines in average selling price; delays in new product introduction; continued success in technological innovations and delivery of products with the features customers demand; utility-scale project approval process delays; utility-scale project construction delays; utility-scale project cancelation due to failure to obtain all the necessary permits; shortage in supply of materials or capacity requirements; availability of financing; exchange rate fluctuations; trade protectionism in Europe, the U.S. and India; litigation and other risks as described in the Company’s SEC filings, including its annual report on Form 20-F filed on April 28, 2014. Although the Company believes that the expectations reflected in its 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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