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[STK] NASDAQ-NMS:CSIQ
[IN] OIL UTI ENV ALT GRE EUT
[SU] FNC
TO BUSINESS, ENERGY, AND ENVIRONMENTAL EDITORS:
Canadian Solar Receives C$48 Million Financing from Manulife
GUELPH, Ontario, March 6, 2014 /PRNewswire-FirstCall/ -- Canadian
Solar Inc. (the "Company", or "Canadian Solar") (NASDAQ: CSIQ), one of
the world's largest solar power companies, today announced that
Manufacturer's Life Insurance Company ("Manulife") has agreed to
provide C$48 million in construction and term financing to Canadian
Solar for the Company's Val Caron solar power project located in
Ontario, Canada. The Val Caron project is being acquired by Concord
Green Energy Inc. BowMont Capital and Advisory acted as financial
advisor to Concord Green Energy Inc.
Developed by Canadian Solar, the Val Caron solar power project has
begun construction and will be connected in 2014. The project was
awarded a 20-year power purchase contract (the "FIT Contract") by the
Ontario Power Authority under the Ontario's Feed-In-Tariff Program.
Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar,
commented, "We appreciate the support of Manulife, a leading financial
services group, which boasts a successful history reaching back over
125 years. Both of our companies are based in Canada, and share a
commitment to job creation, with a long-term view toward fostering a
positive economic environment in Canada. This latest agreement will
allow us to continue to the development of our highly attractive
utility-scale pipeline in a financially prudent, shareholder friendly
manner."
About Canadian Solar Inc.
Founded in 2001 in Canada, Canadian Solar Inc. (NASDAQ: CSIQ) is one
of the world's largest and foremost solar power companies. As a
leading vertically integrated provider of solar modules, specialized
solar products and solar power plants with operations in North
America, South America, Europe, Africa, the Middle
East, Australia and Asia, Canadian Solar has delivered more than 6 GW
of premium quality solar modules to customers in over 70 countries.
Canadian Solar is committed to improve the environment and dedicated
to provide advanced solar energy products, solutions and services to
enable sustainable development around the world. For more information,
please visit www.canadiansolar.com.
Safe Harbor/Forward-Looking Statements
Certain statements in this press release, including but not limited to
statements regarding the expected start of construction, date of
completion milestone payment terms, period of service, power
production and environmental impact 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 the risks regarding 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 in our project
markets, including Canada and the Province of Ontario; changes in
customer order patterns; capacity utilization; level of competition;
pricing pressure and declines in average selling prices; delays in new
product introduction; continued success in technological innovations
and delivery of products with the features customers demand;
utility-scale project approval process; delays in utility-scale
project construction; 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, 2013.
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. You 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.
SOURCE Canadian Solar Inc.
-0- 03/06/2014
/CONTACT: Ed Job, CFA, Director, Investor Relations, Canadian Solar Inc., ir@canadiansolar.com; David Pasquale, Global IR Partners, +1-914-337-8801, csiq@globalirpartners.com; or Songul Atacan, Canadian Solar Inc., Director of Marketing, Americas, songul.atacan@canadiansolar.com
/Web Site: http://www.canadiansolar.com
(NASDAQ-NMS:CSIQ) /
CO: Canadian Solar Inc.; Manufacturer's Life Insurance Company; Concord Green Energy Inc.; BowMont Capital and Advisory
ST: Canada Ontario
IN: OIL UTI ENV ALT GRE EUT
SU: FNC
PRN
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0000 03/06/2014 12:00:00 EDT http://www.prnewswire.com
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