GUELPH,
ON, June 17, 2024 /PRNewswire/ -- Canadian
Solar Inc. (the "Company", or "Canadian Solar") (NASDAQ: CSIQ)
announced today that its first portfolio of Japan's feed-in premium (FIP) PV projects
began commercial operation on June 1,
2024.
The projects that have reached commercial operation include a
1.2 MWp project in Tsukuba City, Ibaraki
Prefecture and a 1.9 MWp project in Daisen Town, Tottori
Prefecture. Both projects are powered by CS7N-660W bifacial
modules. Initially awarded a feed-in tariff (FIT) through auctions
held in 2020, the Company decided to switch the projects from FIT
to FIP in response to the rising demand for renewable energy.
FIP-awarded projects will generate additional revenue through
Non-Fossil Certificates (NFCs).
By entering into a 20-year Power Purchase Agreement (PPA) with
the Company, Toyota Tsusho Corporation ("Toyota Tsusho") secures
100% of the PV power, together with the NFCs, generated by the
project. These NFCs will be transferred to Toyota Tsusho, a member
of the Toyota Group and an electricity retailer, who will then
provide the power and NFCs to its corporate customers.
Ryota Yamada, General Manager
of Canadian Solar's Japan Energy Group, commented,
"Since launching our Japan PV development business in 2012, we have
focused on FIT, as many of our investors preferred the stable cash
flows backed by government programs. Today, enterprises are
increasingly demanding clean energy to power their businesses. As
of March 31, 2024, our project
development business in Japan
totaled 240 MWp and 1.675 GWh for solar and energy storage,
respectively. We are honored to sign our first private PPA with
Toyota Tsusho, a key member of the Toyota Group. This PPA marks the
beginning of our commitment to support Japanese corporations in
meeting their clean energy needs for operations both in
Japan and globally."
About Canadian Solar Inc.
Canadian Solar was founded in 2001 in Canada and is one of the world's largest solar
technology and renewable energy companies. It is a leading
manufacturer of solar photovoltaic modules, provider of solar
energy and battery energy storage solutions, and developer of
utility-scale solar power and battery energy storage projects with
a geographically diversified pipeline in various stages of
development. Over the past 23 years, Canadian Solar has
successfully delivered over 125 GW of premium-quality, solar
photovoltaic modules to customers across the world. Likewise, since
entering the project development business in 2010, Canadian Solar
has developed, built, and connected over 10 GWp of solar power
projects and 3.3 GWh of battery energy storage projects across the
world. Currently, the Company has over 1.2 GWp of solar power
projects in operation, 6.5 GWp of projects under construction or in
backlog (late-stage), and an additional 19.8 GWp of projects in
advanced and early-stage pipeline. In addition, the Company has 600
MWh of battery energy storage projects in operation and a total
battery energy storage project development pipeline of around 56
GWh, including approximately 4.3 GWh under construction or in
backlog, and an additional 51.6 GWh at advanced and early-stage
development. Canadian Solar is one of the most bankable companies
in the solar and renewable energy industry, having been publicly
listed on the 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, regulatory
and economic conditions and the state of the solar and battery
storage market and industry; geopolitical tensions and conflicts,
including impasses, sanctions and export controls; volatility,
uncertainty, delays and disruptions related to the COVID-19
pandemic; supply chain disruptions; 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., China, Brazil
and Europe; changes in effective
tax rates; changes in customer order patterns; changes in product
mix; changes in corporate responsibility, especially environmental,
social and governance ("ESG") requirements; capacity utilization;
level of competition; pricing pressure and declines in or failure
to timely adjust 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 that
customers demand; shortage in supply of materials or capacity
requirements; availability of financing; exchange and inflation
rate fluctuations; litigation and other risks as described in the
Company's filings with the Securities and Exchange Commission,
including its annual report on Form 20-F filed on April 26, 2024. 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.
Canadian Solar Inc. Investor Relations Contact
Wina Huang
Investor Relations
Canadian Solar Inc.
investor@canadiansolar.com
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SOURCE Canadian Solar Inc.