Canadian Solar Signs Solar Power Purchase Agreement in Austr

|Mar 12|magazine10 min read

GUELPH, Ontario, March 12, 2020 /PRNewswire/ -- Canadian Solar Inc. (the "Company", or "Canadian Solar") (NASDAQ: CSIQ), one of the world's largest solar power companies, today announced that its subsidiary Canadian Solar Australia has signed a power purchase agreement ("PPA") with Amazon.

The solar power will be supplied from the Company's 146 MWp/110 MWac Gunnedah solar farm, which will reach commercial operation by 2021. The solar farm will utilize Canadian Solar's BiKu bifacial modules.

The agreement with Amazon is Canadian Solar's first PPA in New South Wales and marks its strategic entry into the large Australian Consumer and Industrial ("C&I") PPA market.

"Canadian Solar is very proud to sign this power purchase agreement with Amazon. Our team has worked hard to bring this opportunity to fruition, and we look forward to further collaboration with Amazon, while we bring the Gunnedah project to commercial operation. We are honored to help Amazon meet its renewable energy goals by utilizing our solar technology and development expertise," said Dr. Shawn Qu, Chairman and Chief Executive Officer at Canadian Solar.

Dr. Shawn Qu continued, "Canadian Solar is a leading developer in the Australian solar market, where we have a pipeline of nearly 1.2 GWp, including 335 MWp of projects ready to build. We look forward to growing our solar projects and solar module supply businesses in Australia, while expanding into other C&I sectors in this region. We see a bright future ahead as Australia continues to expand its renewable energy market."

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 19 years, Canadian Solar has successfully delivered over 38 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.

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.

SOURCE Canadian Solar Inc.