Guelph, ON /PRNewswire/ - Canadian Solar Inc. (the "Company", or "Canadian Solar") Canadian Solar Inc. (the "Company", or "Canadian Solar") (NASDAQ: CSIQ), one of the world's largest solar power companies, today announced it has been selected as the sole module supplier to provide 268 MW of double-glass Dymond modules for the first phase of the 800 MW Mohammed bin Rashid Al Maktoum Solar Park (DEWA Project) in Dubai. When completed in 2020, the three-phase DEWA Project will be one of the world's largest single-location solar parks. The EPC Joint Venture (JV) Consortium consists of Acciona, Gransolar and Ghella. The first phase of the DEWA project will use more than 800,000 double-glass modules upon its completion. The production and delivery has started this month.
Canadian Solar's proven track-record, solid bankability and high-quality standards were key factors in winning the mandate from the EPC JV. As a pioneer in double-glass module manufacturing technology, Canadian Solar has delivered close to 1 GW of double-glass modules worldwide since 2013.
The Mohammed bin Rashid Al Maktoum Solar Park is part of the Dubai Integrated Energy Strategy 2030, which seeks to secure a sustainable supply of energy through diversification in sources. Dubai aims to reduce its reliance on imported natural gas and increase solar energy to 7% of the total by 2010 and 15% by 2030.
Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar, commented: "We are proud to be partnering with Masdar / DEWA / EDF and the EPC JV on this outstanding project. I am confident that Canadian Solar's Dymond modules will perform well in the project's hot desert climate. As Dubai diversifies its energy portfolio, our partnership will serve as an excellent example for future utility-scale solar projects in the region, and we are eager to contribute further to the energy market growth in the Middle East."
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 20 GW 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 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 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.
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