Guelph, ON /PRNewswire/ - Canadian Solar Inc. (the "Company", or "Canadian Solar") (NASDAQ: CSIQ), one of the world's largest solar power companies, today announced its 100.1 MWp Cafayate solar power project in Argentina started commercial operation on July 19, 2019. It is now the largest operational solar power plant in the country.
Located in the Province of Salta, the solar project is powered by over 289,000 Canadian Solar's high efficiency modules and will generate over 216 GWh of electricity per year. As part of the RenovAR program launched by the Argentinian Government in 2016, the Cafayate project was awarded a 20-year U.S. dollar indexed power purchase agreement of US$56.28/MWh with CAMMESA (the national wholesale power market administrator and clearinghouse) during the second renewable public tender. This 20-year PPA is guaranteed by the World Bank.
"It is with great joy that we announce the commissioning of the 100.1 MWp Cafayate solar power plant in Argentina, our first and the country's largest solar power plant in operation. It once again underscores Canadian Solar's success and leading position in the Latin America region. In Latin America, we have been awarded over 1.6 GWp solar power projects across Argentina, Brazil, Mexico and Chile. We continue to foresee a high potential for photovoltaics in Argentina and the whole region and will deliver more solar projects to help the region diversify its energy matrix," said Dr. Shawn Qu, Chairman at Canadian Solar Inc.
In November 2018, Canadian Solar closed US$50 million of non-recourse financing for the Cafayate project. The financing package was provided by CAF-Banco de Desarrollo de America Latina, Banco Ciudad and BICE.
About Canadian Solar Inc.
Canadian Solar was founded in 2001 in Canada and is one of the world's largest and foremost solar power companies. It is a leading manufacturer of solar photovoltaic modules and provider of solar energy solutions and has a geographically diversified pipeline of utility-scale power projects in various stages of development. Over the past 18 years, Canadian Solar has successfully delivered over 34 GW of premium quality modules to customers in over 150 countries around the world. 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., Indiaand 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 25, 2019. 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.