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Canadian Solar Signs PPAs with Solar Energy Corporation of India (SECI) to Develop 80 MWac Solar Power Projects in Maharashtra, India

GUELPH, Ontario, March 14, 2017 /PRNewswire/ -- Canadian Solar Inc. (the "Company", or "Canadian Solar") (NASDAQ: CSIQ), one of the world's largest solar power companies, today announced that it has secured Power Purchase Agreements for an aggregate 80 MWac of solar power projects with the Solar Energy Corporation of India (SECI), a public sector undertaking of the Government of India. Canadian Solar was awarded these projects under a 450 MWac solar capacity tender in the state of Maharashtra, through a competitive auction process. These projects are scheduled to commence operations by late 2017 and will generate clean solar electricity for SECI over the next 25 years.

"We are pleased to secure our first 80 MWac of solar power projects with SECI, a bankable and reputable off-taker operating under the Government of India. This investment adds to our India pipeline that stands at 110 MWac and represents a significant milestone for Canadian Solar in one of world's fastest growing renewables markets," commented Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar. 

About Canadian Solar

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 18 GW of premium quality modules to over 90 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.

Safe Harbor/Forward-Looking Statements

Certain statements in this press release regarding the Company's expected future shipment volumes, gross margins, business prospects and future results, 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; cancelation of utility-scale feed-in-tariff contracts in Japan; 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 20, 2016. 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.

 

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/canadian-solar-signs-ppas-with-solar-energy-corporation-of-india-seci-to-develop-80-mwac-solar-power-projects-in-maharashtra-india-300423182.html

SOURCE Canadian Solar Inc.

Canadian Solar Inc. Contacts, Mary Ma, Senior Supervisor, Investor Relations, Canadian Solar Inc. investor@canadiansolar.com; David Pasquale, Global IR Partners, csiq@globalirpartners.com,Tel: +1-914-337-8801