GUELPH, Ontario, July 17, 2019 /PRNewswire/ -- Canadian Solar Inc. (the "Company", or "Canadian Solar") (CSIQ), one of the world's largest solar power companies, today announced it has been awarded a 51.1 MWp solar photovoltaic (PV) project in the Sixth Brazilian Federal Energy Auction (A-4) held on June 28, 2019.
Canadian Solar will develop and build the project located in the State of Minas Gerais. Construction of the solar project will start in early 2021 and it is expected to reach commercial operation before January 2023.
This Brazilian Solar power project will use Canadian Solar's latest high efficiency bifacial poly modules, capable of generating power from both sides of a module, and thus significantly boost the power output from a solar power system. Approximately 130,000 Canadian Solar high efficiency BiHiKu modules will be installed, and each module output will exceed 400 W. Once in operation, the solar power plant will generate approximately 107,748 MWh of electricity annually. 50% of the electricity generated will be purchased by two utilities under the two awarded 20-year power purchase agreements (PPAs), with an average contracted price of 73.60 BRL/MWh, or approximately US$19.37/MWh, and the other 50% will be purchased under a long-term private PPA.
Dr. Shawn Qu, Chairman of Canadian Solar commented, "We are proud to be the only company that has been successful in winning projects in all six federal energy auctions held to date in Brazil. It shows our long-term commitment to solar in Brazil and to initiate the investment in mix-models with revenues coming from both regulated and free 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 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 34 GW of premium quality modules to over 150 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 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 25, 2019. 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.