GUELPH, Ontario, Dec. 5, 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 been awarded a 17.87MWp project in Japan's inaugural solar energy auction.
The project is located in Suzuhari City within Hiroshima prefecture and will be powered by over 48,000 high-efficiency Canadian Solar modules. Once constructed, the project will enter into a 20-year power purchase agreement with Chugoku Power Electric Company at a rate of JPY17.97 ($0.16) per kWh. The Company expects the project to reach commercial operation by 2021.
"This project demonstrates our capability to identify and secure high quality development opportunities in Japan's competitive solar market," commented Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar Inc. "It also underscores our commitment to improve on the cost competitiveness of solar power technology deployment in Japan."
Results of the first auction were announced on November 21, 2017, which showed a total of 141.3MW AC of projects awarded at an average price of JPY19.6 ($0.18) per kWh. Japan's Ministry of Economy, Trade and Industry (METI) have announced plans to run the second auction in July of 2018 and plans are in place to run a third auction in late 2018.
"As we look ahead, we will continue to maintain a strong focus on subsequent solar energy auctions in Japan. This will enhance our ability to provide Canadian Solar Infrastructure Fund with greater access to high-quality projects," stated Dr. Shawn Qu.
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 a provider of solar energy solutions, Canadian Solar 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 24 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 publically listed on NASDAQ since 2006. For additional information about the Company, follow Canadian Solar on LinkedIn or visit http://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.
SOURCE Canadian Solar Inc.