GUELPH, Ontario, October 30, 2014 /PRNewswire/ — Canadian Solar Inc. (the “Company”, or “Canadian Solar”) (NASDAQ: CSIQ), one of the world’s largest solar power companies, today announced that it completed the supply of 3.1 MW of CS6X-300P modules to a solar photovoltaic (PV) project in Tipitapa, Nicaragua. This PV plant, entitled Planta Solar Zona Franca Astro Nicaragua, will power 26 companies and supply approximately 30% of total energy consumption for the Zona Franca Astro Nicaragua industrial park.
Financed by two local banks, Centro America Renovables and Energia Solar Aplicada, the PV plant will be completed in 2014. At its completion, this plant will become the largest private solar farm among industrial parks in Central America, as well as the largest private grid-connected solar array in Nicaragua. Planta Solar Zona Franca Astro Nicaragua will create over one hundred local jobs and contribute significantly to the region’s local renewable energy efforts.
Mr. Gregorio Kim, General Manager in Astro Nicaragua, S.A. said, “After evaluating several different PV module suppliers, we chose Canadian Solar because of the company’s excellent quality, performance, and experience in global solar projects. In addition, Canadian Solar’s dedicated post-sales team gives security to financial entities.”
“As a leading developer of worldwide solar projects, Canadian Solar’s corporate operations span over fifteen countries,” commented Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar. “The market outlook for Canadian Solar in Central America is robust, and we expect our opportunities in this region will continue to expand in 2015 and beyond. We are pleased with the successful completion of this solar project and the positive impact that Canadian Solar has had on the local economy in Nicaragua.”
About Canadian Solar Inc.
Founded in 2001 in Ontario, 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 has an industry leading and geographically diversified pipeline of utility-scale solar power projects as well as a track record of successful solar deployment boasting over 7 GW of premium quality modules installed in over 70 countries during the past decade. Canadian Solar is committed to providing high-quality solar products and solar energy solutions to customers around the world. For more information about our company, products and projects please visit www.canadiansolar.com.
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 the risks regarding general business and economic conditions and the state of the solar industry; governmental support for the deployment of solar power; future available supplies of solar grade silicon; demand for solar products by consumers and inventory levels of such products in the supply chain; changes in demand from significant customers; changes in demand in our project markets, including Canada, the U.S., Japan and China; changes in customer order patterns; capacity utilization; level of competition; pricing pressure and declines in average selling price; delays in new product introduction; continued success in technological innovations and delivery of products with the features customers demand; utility-scale project approval process delays; utility-scale project construction delays; utility-scale project cancelation due to failure to obtain all the necessary permits; shortage in supply of materials or capacity requirements; availability of financing; exchange rate fluctuations; trade protectionism in Europe, the U.S. and India; litigation and other risks as described in the Company’s SEC filings, including its annual report on Form 20-F filed on April 28, 2014. Although the Company believes that the expectations reflected in its 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.