GUELPH, Ontario, Sept. 12, 2018 /PRNewswire/ -- Canadian Solar Inc. (the "Company", or "Canadian Solar") (NASDAQ: CSIQ), one of the world's largest solar power companies, today announced that it has been awarded a Victorian government support agreement for its greenfield 100MWac Carwarp Solar Project in Australia. This award guarantees revenue for 100% of the energy produced by the Carwarp Solar Farm for the term of the support agreement.
The project is located near Mildura, Victoria and will utilize Canadian Solar's high-efficiency bifacial modules with the latest single axis tracking technology. Canadian Solar is a pioneer in commercially deploying high efficiency poly PERC bifacial modules with front-side power output up to 365W, with a nominal bifacial rating of 400W. Canadian Solar's bifacial modules will generate extra power output of up to 30% depending on the GCR and light reflection and have a warranted life of 30 years.
Canadian Solar plans to commence construction of the project in Q1 2019 and achieve commercial operation in Q1 2020. The solar system will generate 267,000 MWh of electricity every year, equivalent to powering approximately 48,000 homes and reducing greenhouse emissions by 288,000 metric tonnes of greenhouse gases.
As part of Canadian Solar's commitment to local investment, the Carwarp Solar Project incorporates support for the local industry and skills development initiatives, including higher education scholarships and training, industry workshops and development programs, support for the integration of renewable energy technology into farming practices, and partnerships with local community organisations, education providers and local start-up businesses.
"We are pleased to secure the prestigious award from the Victorian Government for the Carwarp Solar Project," commented Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar. "The Victorian Renewable Energy Auction Scheme is a highly competitive tender process and by leveraging our 10-year track record in global project development and execution, we can assist the Victorian Government to reach its renewable energy generation targets."
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 29 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.
Canadian Solar 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.
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