GUELPH, Ontario, May 2, 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 AUD65 million (US$50 million) of non-recourse project financing with a 5-year term for two of its solar farm power projects in Australia with the Bank of Tokyo-Mitsubishi UFJ, Ltd. ("MUFG") and Clean Energy Finance Corporation ("CEFC").
The 17MW Longreach project and larger 30MW Oakey project in Queensland are both scheduled to commence construction in May 2017 and reach commercial operation in early 2018. The solar power projects are expected to generate clean energy to power nearly 12,000 homes under a 20-year contract for differences awarded under the Queensland government's Solar 150 program. These projects have been awarded AUD3.5 million (US$2.7 million) grant funding from the Australian Renewable Energy Agency ("ARENA").
"We are pleased to secure the financial backing from MUFG and CEFC, alongside the funding support from ARENA. These projects will directly contribute to the Queensland government's commitment to generating 50 percent of its electricity needs from affordable clean energy by 2030. We look forward to making further investments in Australia as we execute on our development pipeline", commented Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar.
About Canadian Solar Inc.
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 20 GW of premium quality modules to over 100 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 27, 2017. 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.
Mary Ma, Senior Supervisor, Investor Relations, Canadian Solar Inc., firstname.lastname@example.org; David Pasquale, Global IR Partners, email@example.com, +1-914-337-8801