To Provide Local Content for Company's Existing 390 MW Brazil Pipeline and Growth
Guelph, ON /PRNewswire/ - Canadian Solar (NASDAQ: CSIQ), one of the world's largest solar power companies, announced today the commencement of solar module manufacturing in Sorocaba, Brazil. The new state-of-the-art manufacturing facility will be Brazil's largest, with 380 MW annual capacity of made in Brazil solar modules.
The official inauguration of this state-of-the-art new solar module facility was attended by the distinguished Mr. Geraldo Alckmin, Governor for the State of Sao Paulo, Mr. Eduardo Azevedo, Secretary from the Ministry of Mines and Energy, Mr. Antonio Carlos Pannunzio, Mayor of Sorocaba and Mr. Rick Savone, Canadian Ambassador to Brazil.
Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar Inc., commented, "This is a great day for Canadian Solar, the supportive local government, and the people of Brazil. Our new state-of-the-art facility is already having a positive impact on Brazil's economy through the jobs created, investment made in the local economy, and our help in the promotion and further development of the country's renewable energy industry. Our current solar project portfolio in Brazil has reached 390 MWp, of which EDF EN do Brazil, the local subsidiary of EDF Energies Nouvelles, bought 80% of the equity interest of our 191 MW Pirapora I project (expected to come online in 3Q17). We now gain a powerful competitive advantage with our new local content facility, which we will leverage in Brazil, one of the world's most attractive and fastest growing solar markets."
As of September 30, 2016, Canadian Solar's late-stage pipeline totaled 2.0 GWp of utility-scale solar project pipeline worldwide, along with a portfolio of operating solar power plants totaling 948 MWp. In Brazil, the Company's current utility-scale solar project pipeline reaches 390 MWp. This is comprised of its 191 MWp Pirapora I project, 109 MWp Pirapora II project and 90 MWp Vazante project. The Pirapora I project is in construction and expected to reach commercial operation in 3Q17, with the Pirapora II and Vazante projects expected to reach commercial operation in 2018. Canadian Solar will supply made-in Brazil solar modules for its projects.
About Canadian Solar
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 15 years, Canadian Solar has successfully delivered over 17 GW of premium quality modules to over 90 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 quarterly or annual results, particularly the management quotations and the statements in the "Business Outlook" section, 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; 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 20, 2016. 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.Copyright 2016 PR Newswire. All Rights Reserved