GUELPH, Ontario and RIO DE JANEIRO, June 19, 2017 /PRNewswire/ -- Canadian Solar Inc., one of the world's largest solar power companies, and EDF Energies Nouvelles, a global market leader in renewable energy, announced today the acquisition of 80% interest in Canadian Solar's Pirapora II solar energy project in Brazil by EDF Energies Nouvelles' local subsidiary, EDF EN do Brasil.
The 115 MWp Pirapora II project will start construction in the fall of 2017 and is expected to reach commercial operation in 2018. Canadian Solar will supply the modules for the project from its 380 MWp modules factory established in Brazil to support the local market.
The Pirapora II project, located in the state of Minas Gerais in Brazil, was awarded a 20-year Power Purchase Agreement in the first Reserve Energy Auction. Once completed, the project will generate 231,992 MWh per year and contribute towards the country's goal of obtaining 23% of its energy from non-hydro renewable sources by 2030.
In October 2016, EDF EN do Brasil acquired 80% of Canadian Solar 191.5 MWp Pirapora I project, also located in Minas Gerais. The two projects are adjacent to each other and at combined 306.5 MWp constitute one of the largest solar energy projects in Latin America.
"The investment by EDF Energies Nouvelles in Canadian Solar's Pirapora II project is another testament to the quality of Canadian Solar's project pipeline in Brazil. We have now partnered with EDF EN for two of our three projects in Brazil with awarded long-term PPAs, totaling 306.5 MWp. EDF EN is an important strategic partner of Canadian Solar and we look forward to further expanding our cooperation, while we grow our project pipeline in Brazil and other countries," said Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar.
Antoine Cahuzac, Senior Executive Vice President in Renewable Energies of EDF and Chief Executive Officer of EDF Energies Nouvelles added, "This additional Pirapora major solar project confirms the EDF's Group strong ambition to strengthen and diversify its renewables assets portfolio in Brazil, in partnership with a specialized company such as Canadian Solar. Pirapora I 191MW solar project and two wind projects are currently under construction by EDF Energies Nouvelles in the country. EDF Group is also involved in the hydraulic project –Sinop."
BTG Pactual served as financial advisor to Canadian Solar in the transaction.
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 21 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.
About EDF Energies Nouvelles
EDF Energies Nouvelles is a market leader in renewable energy electricity, with a portfolio of more than 9,5 GW gross installed capacity focused for the most part on wind (onshore and offshore) and solar photovoltaic energy. Mostly operating in Europe and North America, EDF Energies Nouvelles continues its development by taking strong positions in promising emerging areas such as Brazil, Chile, China, India or South Africa. The Company is also present in other segments of the renewable energy market: marine energy, distributed energies and energy storage. EDF Energies Nouvelles manages renewable energy projects' development and construction as well as operation and maintenance for its own account and for third parties. EDF Energies Nouvelles is a subsidiary of the EDF Group dedicated to renewable energy.
Visit us at www.edf-energies-nouvelles.com and follow us on https://www.linkedin.com/company/edf-energies-nouvelles and on Twitter @EDFEN_officiel
Canadian Solar 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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SOURCE Canadian Solar Inc.
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