GUELPH, Ontario, Jan. 9, 2018 /PRNewswire/ -- Canadian Solar Inc. (the "Company", or "Canadian Solar") (NASDAQ: CSIQ), one of the world's largest solar power companies, today announced it plans to partner with Photowatt, a subsidiary of EDF Energies Nouvelles and ECM Greentech, a group that is in the forefront of silicon crystallization equipment and process in France.
The three companies intend to set up a joint venture ("JV") specialized in low-carbon production of advanced technology silicon ingots and wafers in France. EDF Energies Nouvelles through its subsidiary Photowatt, Canadian Solar and ECM Greentech would own 60%, 30% and 10% of the equity in the JV respectively.
The JV partners are pioneers in high performance of casting mono technology, which gives the JV the potential to deliver the mono-crystalline silicon solar performance at the multi-crystalline cost. Meanwhile, the technology developed by the JV partners would contribute to one of the lowest carbon footprints in manufacturing solar products. France is a leader in low-carbon ingot and wafer production.
"This cooperation is a win-win for each party involved. The French government's ongoing annual solar energy program of 2,500 MWp tendering, together with EDF Group's target of building 30 GWp of solar projects in France between 2020 and 2035 will create great opportunities for solar energy market there. We are happy to participate in the leading development of this next generation of low carbon solar energy production. Canadian Solar has over 16 years of manufacturing experience in the solar industry and has deployed over 25 GWs of solar modules around the world. This new carbon technology, coupled with high efficiency will speed up the energy generation grid parity," commented Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar Inc.
The establishment of the JV is being reviewed and subject to the clearance by the relevant competition authorities.
EDF ENR PWT ("Photowatt") has been a pioneer in the solar industry for nearly 40 years. The company designs and produces photovoltaic modules based on crystalline silicon technology for various types of applications, from residential equipment to ground-based solar power plants. Photowatt is a subsidiary of EDF Energies Nouvelles.
About EDF Energies Nouvelles
EDF Energies Nouvelles is a market leader in renewable energy electricity, with a portfolio of more than 10 GW gross installed capacity focused for the most part on wind (onshore and offshore) and solar photovoltaic energy. Mostly operating in Europe and North America, EDF Energies Nouvelles continues its development by taking strong positions in promising emerging areas such as Brazil, China, India, or South Africa, and North Africa and Gulf Cooperation Council regions. The company is also present in other segments of the renewable energy market: marine energy, distributed energies and energy storage. EDF Energies Nouvelles manages renewable energy projects' development and construction as well as operation and maintenance for its own account and for third parties. EDF Energies Nouvelles is a subsidiary of the EDF Group dedicated to renewable energy.
Visit us at www.edf-energies-nouvelles.com
Follow us on Linkedin: https://www.linkedin.com/company/edf-energies-nouvelles and Twitter @EDFEN_officiel
About ECM Greentech
ECM Greentech, SA provides technology, equipment and turnkey plants in the field of renewable energy and energy storage. ECM as a group has been at the forefront of silicon crystallization equipment and processed for the worldwide photovoltaic industry since 1983.
ECM Greentech is headquartered in Grenoble France and operates as a subsidiary of ECM Technologies SA. ECM Technologies is involved as a thermal equipment and process provider in various industries such as automotive, aircraft, medical and semiconductor."
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 25 GWs 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.
SOURCE Canadian Solar Inc.