Canadian Solar Receives C$48 Million Financing from Manulife

Save Story
Leer en español

Estimated read time: 4-5 minutes

This archived news story is available only for your personal, non-commercial use. Information in the story may be outdated or superseded by additional information. Reading or replaying the story in its archived form does not constitute a republication of the story.





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


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

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.,; David Pasquale, Global IR Partners, +1-914-337-8801,; or Songul Atacan, Canadian Solar Inc., Director of Marketing, Americas,

/Web Site:


CO: Canadian Solar Inc.; Manufacturer's Life Insurance Company; Concord Green Energy Inc.; BowMont Capital and Advisory

ST: Canada Ontario




-- CN78077 --

0000 03/06/2014 12:00:00 EDT

Copyright © The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Most recent Business stories

Related topics

The Associated Press


    Get informative articles and interesting stories delivered to your inbox weekly. Subscribe to the Trending 5.
    By subscribing, you acknowledge and agree to's Terms of Use and Privacy Policy.

    KSL Weather Forecast