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[STK] NASDAQ-NMS:CSIQ
[IN] OIL UTI ENV ALT GRE
[SU] TNM
TO BUSINESS, ENERGY, AND ENVIRONMENTAL EDITORS:
Canadian Solar Completes the Sale of Little Creek Solar Power Plant to
BluEarth
GUELPH, Ontario, March 27, 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 its
wholly-owned subsidiary, Canadian Solar Solutions Inc., has completed
the sale of Little Creek, a 8.5 megawatt ("MW") AC solar power plant
valued at over C$53.0 million to a BluEarth Renewables Inc. subsidiary
("BluEarth"). This is the first of four planned solar projects being
acquired by BluEarth from Canadian Solar, totalling 38.5 MW AC.
Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar,
commented, "We are pleased to complete the sale and transfer of the
first of four solar projects to BluEarth Renewables. This is an
important group of projects as it helps move BluEarth closer to its
goal of having C$1 billion of high-quality, long-term contracted
renewable energy plants. From Canadian Solar's standpoint, this
successful project sale closure allows us to redeploy resources to
other projects and to further expand our pipeline, which exceeds 4.5
gigawatts. We continue to focus on higher quality, higher
profitability, lower risk projects, which are both attractive to end
buyers and give us increased visibility into our business operations
beyond 2014."
"The addition of this first solar project to our portfolio is an
important milestone for BluEarth. Solar is a great fit with our
existing wind and hydro projects across Canada and we are very pleased
to be expanding our interests in Ontario," said Kent Brown, President
& CEO of BluEarth. "We look forward to delivery of the remaining three
projects and a continued relationship with Canadian Solar moving
forward."
The Little Creek 8.5 MW AC solar power plant is located in the town of
Napanee, Ontario, Canada. The additional three utility-scale solar
power plants being purchased by BluEarth, which are planned to reach
commercial operation through Q2 2015, are located in Kawartha Lakes,
Belleville and Beaverton, Ontario, Canada. Canadian Solar Solutions
Inc. will provide turnkey engineering, procurement and construction
("EPC") services for all four projects.
About BluEarth Renewables Inc.
Headquartered in Calgary, Canada, BluEarth is a private independent
renewable power producer, focused on the acquisition, development,
construction and operation of wind, water, and solar projects in North
America, with a primary focus in Canada. With the most experienced
renewable energy development team in Canada, BluEarth's mission is to
be the Canadian renewable energy leader by developing, building, and
operating a portfolio that optimizes people, planet, and profit.
BluEarth believes it has the power to change the future by
demonstrating how to be sustainable and profitable, leaving the world
a better place. For more information, visit bluearth.ca.
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, the U.S., Japan and China; 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 its
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- 03/27/2014
/CONTACT: Investors, Ed Job, CFA, Director, Investor Relations, Canadian Solar Inc., investors@canadiansolar.com; David Pasquale, Global IR Partners, +1-914-337-8801, csiq@globalirpartners.com; BluEarth Renewables Inc. Contact, Ameera Shivji, Lead, Communications, BluEarth Renewables Inc., (403) 668-1575 x422, media@bluearth.ca
/Web Site: http://www.canadiansolar.com
(NASDAQ-NMS:CSIQ) /
CO: Canadian Solar Inc.; BluEarth Renewables Inc.
ST: Ontario
IN: OIL UTI ENV ALT GRE
SU: TNM
PRN
-- CN90954 --
0000 03/27/2014 11:00:00 EDT http://www.prnewswire.com
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