GUELPH, Ontario, Dec. 21, 2018 /PRNewswire/ -- Canadian Solar Inc. ("Canadian Solar") (NASDAQ: CSIQ), one of the world's largest solar power companies, today announced it has completed the sale of its 20% interest in the 399 MWp Pirapora solar complex in Brazil to Omega Geracao S.A.(Omega), a leading Brazilian renewable energy company dedicated exclusively to operational assets.
Canadian Solar had previously sold 80% interest in the portfolio to EDF Renewables at construction-ready stage.
Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar commented, "This transaction demonstrates the success of our profitable project development strategy in Brazil. Including the sale of our 81 MWp Guimarania projects in April of this year, we have now developed and sold 480 MWp of solar projects in the country and have a remaining pipeline of 476 MWp of projects with PPAs awarded from the government auctions. We are very pleased to have partnered with such leading renewable energy companies as EDF Renewables and Omega and look forward to future opportunities to work with them as we continue to grow and execute on our project pipeline in Brazil."
The Pirapora solar complex, located in the state of Minas Gerais, consists of three solar power plants. The 191.5 MWp Pirapora I, 115 MWp Pirapora II and 92.5 MWp Pirapora III reached commercial operation in November 2017, June 2018 and December 2017, respectively. The solar complex is powered by approximately 1,235,000 high efficiency MaxPower CS6U-P modules manufactured in Sao Paulo, Brazil.
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 17 years, Canadian Solar has successfully delivered over 30 GW of premium quality modules to over 150 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.
Canadian Solar's 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 26, 2018. 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.