Canadian Solar Inc. (the "Company", or "Canadian Solar") (NASDAQ: CSIQ), one of the world's largest solar power companies, today announced that its wholly-owned subsidiary, CSI Solar Power (China) Inc. has entered into a project sale agreement, pursuant to which, Create Technology & Science Co., Ltd. ("Create Technology & Science") has agreed to purchase Canadian Solar's operating solar power projects in Funing County, Jiangsu Province, China for approximately RMB218.5 million (US$32.8 million).
Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar, commented, "We are very pleased to announce the sale and transfer of these projects to Create Technology & Science, a state-owned company in China. This deal positions us well to continue to monetize our high quality solar power plant assets in China, recycle out capital and strengthen our balance sheet. We value our partnership with Create Technology & Science and look forward to our continued successful cooperation."
This project sale agreement will become effective after Create Technology & Science receives the approval from its board of directors and the approval from the State-owned Assets Supervision and Administration Commission of the State Council (SASAC).
About Create Technology & Science Co., Ltd.
Create Technology & Science Co., Ltd. is principally engaged in the manufacture of specialty instruments and apparatus. The Company's major products and services include: purifying and environment protection equipment and projects; automobile sale; optical, mechanical and electronic integrated surveying instruments; power transformation high voltage insulators; needle bearings, as well as grinding materials and grinding tools, among others. The Company distributes its products within the domestic market and to overseas markets.
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 a provider of solar energy solutions, Canadian Solar has a geographically diversified pipeline of utility-scale power projects. In the past 14 years, Canadian Solar has successfully shipped over 14 GW of premium quality modules in over 90 countries around the world. Furthermore, Canadian Solar is one of the most bankable companies in the solar industry, having been publically listed on NASDAQ since 2006.