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[STK] NASDAQ-NMS:CSIQ
[IN] OIL UTI ENV ALT GRE
[SU] FNC
TO BUSINESS, ENERGY, AND ENVIRONMENTAL EDITORS:
Canadian Solar Receives CAD$50.5 Million in Financing from Manulife
GUELPH, Ontario, April 1, 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 The
Manufacturer's Life Insurance Company ("Manulife") has agreed to
provide approximately C$50.5 million in construction and term
financing to Canadian Solar for the Company's Mighty Solar power
project located in Ontario, Canada. The Mighty Solar project will be
acquired by Concord Green Energy Inc. ("Concord") after Commercial
Operation. Bowmont Capital and Advisory acted as the Financial Advisor
to Concord.
Developed by Canadian Solar, construction of the 10 MW (AC) Mighty
Solar power project commenced and connection is expected in Q2 2014.
Ontario Power Authority, under Ontario's Feed-In-Tariff Program,
awarded the project a 20-year power purchase contract (the "FIT
Contract"). Ontario's FIT Program is North America's first
comprehensive guaranteed pricing structure for renewable electricity
production.
"Canadian Solar's scale and track record of both execution and quality
continues to help attract both world-class financial partners, like
Manulife, and sought after end buyers, like Concord. We are now firmly
established as one of the power industry's fastest growing companies,
with one of the largest global project development pipelines, spanning
Canada, the U.S., China, Japan, and other developing markets," said
Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar
Inc.
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- 04/01/2014
/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; or Naveed Mikhail Hasan, Marketing Communication Specialist, Americas, Canadian Solar Inc., Naveed.Hasan@canadiansolar.com
/Web Site: http://www.canadiansolar.com
(NASDAQ-NMS:CSIQ) /
CO: Canadian Solar Inc.; The Manufacturer's Life Insurance Company; Concord Green Energy Inc.; Bowmont Capital and Advisory
ST: China
IN: OIL UTI ENV ALT GRE
SU: FNC
PRN
-- CN95072 --
0000 04/01/2014 09:00:00 EDT http://www.prnewswire.com
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